Best Buy Soars Most Since 2020 After Tempering Rocky Outlook
- Retailer lifts forecast for operating income, comparable sales
- Wall Street sees signs that company’s sales slump is easing
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Best Buy Co. jumped the most in more than two years after modestly improving its profit forecast and signaling its recent sales slump is starting to ease.
Adjusted operating income this year will be “slightly higher” than the previous forecast of 4% of sales, the consumer-electronics retailer said Tuesday as it reported third-quarter results. In addition, the decline in comparable sales this year won’t be quite as bad as previously feared, the company said.