Best Buy soars after profit impresses
Aug. 23, 2016 7:16 AM ETBest Buy Co., Inc. (BBY)BBYBy: Clark Schultz, SA News Editor6 Comments
- Best Buy (NYSE:BBY) reports comparable sales increased 0.8% in Q2.
- The retailer saw domestic comparable online sales spike 24% during the quarter.
- International revenue was down 1%.
- Best Buy pulled tight on spending in Q2, with SG&A expenses as a percentage of sales down 30 bps to 20.8%.
- Best Buy raises its outlook for Q3 EPS to $0.43 to $0.47 vs. $0.45 consensus.
- BBY +15.12% premarket to $37.76.