RTTNews | May 27, 2021 08:11AM EDT

08:11 Thursday, May 27, 2021 (RTTNews.com) - Shares of Best Buy Co., Inc. (BBY) are up more than 2% in pre-market trade on Thursday after the company raised its annual comparable-sales growth outlook.

Best Buy currently sees comparable sales growth of 3% to 6% in FY22, which compares to prior outlook of (-2%) to 1%.

During the second quarter, the company expects comparable sales growth of approximately 17%.

The company's earnings in the first quarter jumped more than 3 times during the first quarter on strong customer demand driven by government stimulus programs.

Net earnings were $595 million, or $2.32 per share in the first quarter compared with $159 million, or $0.61 per share in the same quarter last year. Excluding items, earnings were $2.23 per share, that beat the average estimate of analysts polled by Thomson Reuters at $1.37 per share.

Sales for the quarter increased 36% to $11.637 billion from $8.562 billion last year. The consensus estimate was for $10.34 billion.

BBY closed Wednesday's trade at $116.96, up 2.22%. The stock is currently at $120.04

Read the original article on RTTNews ( https://www.rttnews.com/3198056/stock-alert-best-buy-up-in-pre-market-as-earnings-shoot-up-comparable-sales-view-raised.aspx)

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