RTTNews | Aug 24, 2021 12:18PM EDT

12:18 Tuesday, August 24, 2021 (RTTNews.com) - Minnesota-based retail company Best Buy Co., Inc. (BBY), is up 7% on Tuedsay after reporting a positive second-quarter results on Tuesday. The chain also improved its previously projected outlook for comparable sales growth for the full year. Net income reported by Best Buy was $734 million or $2.90 earnings per share compared to $432 million or $1.65 per share last year in the same quarter. On an adjusted basis, the earnings were $2.98 in this quarter, compared to $1.71 in 2020. On average, 21 analysts polled by Thomson Reuters estimated the earnings to be $1.85 for the quarter. The revenue also increased to $11.84 billion from $9.91 billion last year. This was primarily helped by a 20.6% increase in domestic revenue to $11.01 billion, offset by the $28% drop in domestic online revenue. Best Buy sees a comparable sales growth of 9% to 11% compared to the prior outlook of 3% to 6% growth. The company projected revenue of $51.0 billion to $52.0 billion for the full year compared to the analyst projection of $49.3 billion. For the third quarter, the company provided an outlook of $11.4 billion to $11.6 billion in revenue, while Street view suggests it to be $10.55 billion. The board of the company announced a share repurchase program worth $396 million and a dividend of $0.07 per share on October 5 for investors on record on September 14. The shares are currently trading at $120.29, up $8.13 or 7.24% from their previous close at $112.16. The shares opened at $117.25, and in the 52-week period, the shares have ranged between $95.93 and $128.57.

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