Best Buy raises annual forecast as shoppers spend on new gadgets
Best Buy announced an increase to its full-year sales outlook, pointing to renewed consumer interest in upgrading technology and purchasing higher-end electronics. The company cited stronger-than-expected demand for smart home devices, computers, and gaming products, which helped offset a softer start to the fiscal year.
Earlier this year, Best Buy had reduced its annual sales and profit projections due to concerns about tariffs and inflationary pressures. However, improved supply chain conditions and a rebound in discretionary spending encouraged the retailer to lift expectations for the remainder of the year.
The company’s management said that consumers are showing more confidence in making larger tech purchases, particularly ahead of the holiday season. They emphasized that innovation cycles in areas such as AI-powered home devices and entertainment systems are reviving interest across multiple categories.
“We’re seeing customers return to our stores and website with a greater willingness to invest in new technology that enhances everyday life,” a company spokesperson noted.
Despite lingering cost pressures, Best Buy expects both revenue and profit margins to strengthen modestly in the final quarter.
Author summary: Best Buy increases its yearly forecast following a boost in tech spending and consumer confidence despite earlier tariff-related concerns.
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