Best Buy jumped after raising its profit forecast, surprising Wall Street with an upbeat earnings report even as U.S. shoppers rein in spending on discretionary goods.
Best Buy Co. jumped after raising its profit forecast, surprising Wall Street with an upbeat earnings report even as U.S. shoppers rein in spending on discretionary goods.
Best Buy also said comparable sales are now expected to fall only 10 per cent this year, slightly better than the previous forecast of an 11 per cent decline.The shares rose 7.4 per cent at 7:21 a.m. in premarket trading in New York. If that gain holds, it would be the stock’s biggest increase since May 25.
The company attributed the forecast boost to better-than-expected results in the third quarter while keeping its expectations for the holiday quarter unchanged. Best Buy incurred US$26 million in restructuring charges during the quarter, mainly from employee-termination benefits connected to a streamlining program that began in the second quarter. Additional charges are expected the rest of the year, Best Buy said.
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