Thursday, November 16, 2017

Best Buy earnings top estimates; raises revenue outlook

People walk into a Best Buy store in New York City.Best Buy reported second-quarter earnings and sales on Tuesday that topped analysts' expectations. Looking ahead, the company also raised its revenue outlook for the full year, and said stronger shopper demand for its technology products, such as smartphones and wearable devices, boosted its sales at established stores over the period.

Then, on a call with analysts and investors, management warned that an uptick in gross margins would "moderate" in coming quarters. Competition in the electronics category is expected to intensify toward the end of the year, and mid-single-digit comps are not a "new normal," Best Buy CEO Hubert Joly said.. . . more

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