Publish date:

Best Buy Reaffirms Full-Year View

The online retailer sees earnings in line with analysts estimates for the year.


Best Buy

(BBY) - Get Best Buy Co., Inc. Report

late Wednesday reaffirmed its full-year 2008 earnings guidance.

The electronics online retailer said in an


regulatory filing that full-year earnings would range from $2.95 to $3.15 a share.

TheStreet Recommends

The company forecast full-year revenue of $39 billion, with same-store sales expected to increase 3% to 5%.

Thomson First Call analysts forecast EPS of $3.05 on revenue of $39.5 billion.

Best Buy added that it expects a "modest benefit" to earnings in the coming year from its $5.5 billion buyback program.

In June, the company

announced a $5.5 billion share buyback and raised its quarterly dividend. A week earlier, the Minneapolis-based retailer posted disappointing earnings for its first quarter in which profit unexpectedly slid 18%. It then lowered its financial guidance for the year.

The company's analyst day is scheduled on Aug. 9.

Shares of Best Buy gained 2.7% to $46.51 after hours.