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Best Buy: raises earnings guidance after strong quarter

( - US electronics retailer Best Buy raised its full-year 2020 earnings guidance after it reported a better-than-expected third-quarter performance, fueled in particular by strong consumer demand for headphones, tablets, and computing.

The Minneapolis-based company forecast fiscal 2020 non-GAAP EPS of 5.81 dollars to 5.91 dollars, compared with a previous guidance range of 5.60 dollars to 5.75 dollars.

Best Buy also raised slightly its forecast for full-year revenue to 43.2 billion-43.6 billion dollars, up a notch from its previous guidance range of 43.1 billion-43.6 billion dollars.

Third-quarter profit rose to 293 million dollars, or 1.10 dollar per share, from 277 million dollars, or 99 cents, a year earlier, helped by comparable sales that are up 1.7%.

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