Officials from U.S. based retailer Best Buy have announced details of the company’s second quarter financial results, with an 8.7 percent rise in profits which beat forecasts and has resulted in the company raising its annual forecast.
For the three months ended September 1st, the company reported profits of $250 million, up from $230 million a year earlier. Sales rose by 15 percent to $8.75 billion, helped particularly by a 54 percent increase in international sales. Analysts had predicted revenues of only $8.48 billion.
Sales at stores and websites operating for fourteen months or more rose by 3.6 percent, with a 1.7 percent increase in the U.S. and a 16.3 percent rise in Canada. Although lower margin console hardware sales were partly blamed for the company’s lower than expected profits in its first quarter
, in the second quarter video game products were named as one of the main contributing factors to the rise, alongside increased sales of flat panel televisions.
In terms of full year results the company has raised profit expectations to $3 to $3.15 a share, compared to prediction of $2.95 to $3.15 earlier in the year. Same store sales are predicted to rise by 3 to 5 percent over the entire year.