NEW YORK (TheStreet) -- Among the millions of Apple (AAPL) fans eagerly awaiting today's new-product announcement, none may be bigger than the electronics retailer Best Buy (BBY) .
That's because every time Apple unveils new products or updates, Best Buy's financial results--and its stock--get a nice pop.
Oddly, Best Buy management has downplayed the potential impact to its third-quarter results from today's introductions of Apple products. The company even chose not to cite the Cupertino, California technology beast by name during its second-quarter earnings call on Aug. 26 though it did mention Samsung seven times.
"Absent any changes in these declining industry trends, and with limited visibility to new product launch quantities, we continue to expect comparable sales to decline in the low-single digits in both the third and fourth quarter", said Best Buy's Chief Financial Officer Sharon McCollum.
Wall Street was caught off guard by Best Buy's ice-bucket forecast on the sales and profit potential from new Apple products as the holiday season nears, and sent the stock price down 2.4% on Aug. 26.
But Best Buy shares have rallied 7.1% since then, for one likely reason: The company historically has prospered following Apple product releases, thus rendering management's cautionary comments as irrelevant as a Blackberry (BBRY) smartphone.
The windfall could be substantial for Best Buy. "In fiscal 2014, our 20 largest suppliers accounted for approximately 70% of the merchandise we purchased, with 5 suppliers - Apple, Samsung, Hewlett-Packard, Sony and LG Electronics - representing approximately 45% of total merchandise purchased", notes the company in its 2013 annual report. Best Buy does not disclose sales directly from Apple.