(Story updated with more details on second-quarter earnings)
NEW YORK (TheStreet) -- Best Buy (BBY) - Get Report reported a 62% increase in second-quarter per-share earnings to 60 cents, above the 46 cents analysts were expecting, and raised its fiscal-year outlook by 10 cents to $3.55 to $3.70 a share.
Best Buysaid that the outlook increase reflects the impact of share repurchases completed in the first fiscal half.
During the second quarter, Best Buy's revenue increased 3% to $11.3 billion, from $11 billion the year before, and fell below the consensus expectation of $11.65 billion, reflecting the impact of net new stores in the past 12 months and flat comparable store sales.
Best Buy's domestic segment saw a 2% revenue increase in the second-quarter vs. the prior-year period. The increase was driven by the addition of new stores, partially offset by a comparable store sales decline of 1% primarily due to less customer traffic.
Second-quarter revenue at the international segment increased 6% over the prior-year period, driven primarily by a 4% increase in comparable store sales and the impact of net new stores in the past 12 months.
Best Buy Europe reported a comparable store sales gain of about 4% for the fiscal second quarter on strong demand for smart phones, while the company's China segment reported comparable store sales gain of about 20% as the Five Star brand continued to benefit from growth in consumer spending and government stimulus programs.
Best Buy stock has risen 9% to $37.70 in pre-market trading.
-- Written by Andrea Tse in New York.
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