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Best Buy earnings, sales top Street estimates; retailer raises full-year outlook

The Minnesota-based retailer said stronger shopper demand for its technology products, such as smartphones and wearable devices, boosted its sales at established stores over the period.

"We are pleased today to report strong top and bottom line growth for the second Quarter of fiscal 2018," Best Buy CEO Hubert Joly said in a statement.

And, with our effective merchandising and marketing activities, combined with our expert advice and service available online, in-store and in-home — we are garnering an increasing share of those dollars."

Sales at stores open for at least 12 months — a metric closely watched by Wall Street for retail stocks — popped 5.4 percent in the second quarter.

The retailer's increased expectations are being driven by "anticipation of continued positive industry and consumer momentum, coupled with the impact of product launches," CFO Corie Barry explained.

READ MORE (Yahoo Finance)

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Best Buy earnings, sales top Street estimates; retailer raises full-year outlook


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