The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Best Buy Co rose after it raised its full-year sales outlook on continued strong demand for its gadgets and services.
The key metric of US same-store sales rose 21% in the second quarter, the retailer reported in a statement. That’s above the 18.4% average estimate from analysts compiled by Bloomberg.
It now sees companywide same-store sales growing in a range of 9% to 11% this year, much higher than the previous range the electronics retailer offered earlier this year. The company had previously said that it would be difficult to know how consumer behavior would evolve in the back half of the year as people spent more time on activities and traveling.
The performance came against an unusual period last year, Chief Executive Officer Corie Barry said.