Best Buy Lifts Annual Profit Forecast

Reuters08-29

Aug 29 (Reuters) - Best Buy raised its annual profit forecast on Thursday as tighter controls on costs help the electronics retailer offset the impact from steeper discounts and promotions across categories.

Shares of the company were up 15.3% in morning trading.

Best Buy refreshed its membership program last year and trimmed jobs as part of a restructuring plan, in a bid to help margins in the midst of softer demand at its stores.

The company is also trying to improve its digital sales and shopping experience, allowing shoppers to order products online and pick them up from stores.

The company expects adjusted earnings per share for fiscal year 2025 to be between $6.10 and $6.35, compared with the earlier forecast of $5.75 to $6.20 per share.

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