Best Buy hikes sales forecast as shoppers upgrade tech, splurge on devices

Core Insights - Best Buy has raised its full-year revenue forecast, expecting between $41.65 billion to $41.95 billion, up from the previous range of $41.1 billion to $41.9 billion [2] - The company anticipates adjusted earnings per share of $6.25 to $6.35, an increase from the prior range of $6.15 to $6.30 [2] - Comparable sales are now expected to rise between 0.5% to 1.2%, a significant improvement from earlier expectations of a 1% decline to a 1% increase [3] Financial Performance - For the fiscal third quarter, Best Buy reported a net income of $140 million, or 66 cents per share, down from $273 million, or $1.26 per share, in the same period last year [3] - Revenue for the quarter increased to $9.67 billion, surpassing expectations of $9.59 billion [6] - The company's stock has declined by approximately 12% year-to-date, contrasting with a 14% gain in the S&P 500 during the same timeframe [4]