RICHFIELD, Minn. — Best Buy Co. today reported fiscal second-quarter earnings of $734 million.
The company said it had profit of $2.90 per share. Earnings, adjusted for amortization costs and restructuring costs, came to $2.98 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.91 per share.
The consumer electronics retailer posted revenue of $11.85 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $11.6 billion.
For the current quarter ending in November, Best Buy said it expects revenue in the range of $11.4 billion to $11.6 billion. Analysts surveyed by Zacks had expected revenue of $10.49 billion.
The company expects full-year revenue in the range of $51 billion to $52 billion.
Best Buy shares have increased 12% since the beginning of the year, while the S&P’s 500 index has climbed 19%. The stock has declined almost 2% in the past 12 months.