Best Buy Misses Q2 Estimates

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Best Buy Store” />Best Buy just announced Q2 earnings of 47 per share, missing analysts’ estimate of 53 cents per share.  The company earned 60 cents per share a year ago.Same-store sales fell 2.8%.  Sales growth has been inhibited by an unfavorable consumer spending environment.

For the full year, management expects same-store sales be flat to down 3%.

“Looking forward to the important holiday season, I believe Best Buy is well positioned to bring the benefits of our multi-channel model to our customers and shareholders,” said CEO Brian Dunn.

The company now expects to earn $3.35 to $3.65 per share for the full year versus prior guidance calling for $3.30 to $3.55 per share.  Analysts are expecting $3.48 per share.  Management noted that the revision was driven by a 20 to 25 cent per share benefit from share repurchases.

Shares climbed 3% during premarket trading.

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