Best Buy Sees Higher Profit as Consumers Enticed by New Tech

Best Buy Co. raised its earnings guidance for the year, a sign that its turnaround efforts are starting to bear fruit as consumers begin upgrading Covid-era purchases with new products incorporating innovations like artificial intelligence.

The retailer now expects adjusted earnings per share to be as high as $6.35, up from $6.20 previously, citing greater-than-expected profitability in the first half. It took a cautious note, however, downgrading the high end of its annual comparable sales forecast to a 1.5% decline from flat previously.