Best Buy raises outlook after earnings jump 70 percent

Best Buy said its same-store sales grew 20 percent in the second quarter and that earnings were up 70 percent on a year-over-year basis. "W are fundamentally in a stronger position than we expected just two years ago," said Corie Barry, Best Buy CEO, in a statement. "There has been a dramatic and structural increase in the need for technology. We now serve a much larger install base of consumer electronics with customers who have an elevated appetite to upgrade due to constant technology innovation and needs that reflect permanent life changes, like hybrid work and streaming entertainment content."