Best Buy Revises FY23 Outlook - Update

(RTTNews) - Electronics retailer Best Buy Co., Inc. (BBY) on Tuesday updated its fiscal 2023 comparable sales growth guidance, noting that its third-quarter results were ahead of expectations.

In pre-market activity on the NYSE, Best Buy shares were gaining around 7 percent to trade at $75.50.

For fiscal 2023, the company now projects comparable sales to decline around 10 percent, and adjusted operating income rate to be slightly higher than 4%.

The company previously expected full-year comparable sales to decline in a range around 11% and adjusted operating income rate of approximately 4%.

Commenting on the outlook revision, Matt Bilunas, Best Buy CFO, said, "We are updating our FY23 outlook to flow through our better-than-expected Q3 results while keeping our Q4 expectations unchanged."

The company further said it now expects to spend approximately $1 billion in share repurchases this year.

Further, Best Buy announced its board of directors has authorized the payment of its regular quarterly cash dividend of $0.88 per share. The quarterly dividend is payable on January 3, to shareholders of record as of the close of business on December 13.