Best Buy raised its full-year outlook, forecasting adjusted earnings per share of $6.70 to $6.90, up from $6.30 to $6.60. Revenue is now expected to reach $42.3 billion to $42.8 billion, compared to $41.2 billion to $42.1 billion previously. The company projects comparable sales growth of 1.9% to 3%, versus its prior view of flat to up 1%. For the current quarter, Best Buy forecasts comparable sales up 1% to 3%, above analysts' projection of 0.1%.

The second-quarter results showed comparable sales increase of 4.1%, surpassing analysts' forecast of 1.3% growth. Revenue rose 3.6% to $9.78 billion, above estimates of $9.59 billion. Adjusted earnings per share were $1.47, topping analyst estimates of $1.39. Strength was seen across major product categories, particularly computing and home theater, with newer categories like AI glasses and trading cards more than doubling year-over-year.

Best Buy attributed the results to investments in specialty expertise, vendor partnerships, and supply chain improvements. Jason Bonfig, current chief customer, product and fulfillment officer, will become CEO in November, succeeding Corie Barry. The company also appointed Anne Bramman as finance chief. Bonfig plans to focus on new store formats, broader assortment, and advertising growth.