Business

Best Buy topped Wall Street’s fiscal second-quarter revenue and earnings expectations.
Yet the consumer electronics retailer stuck by its full-year forecast, which it had cut in May.
The company is contending with slower housing turnover, higher tariffs and selective spending by shoppers.

Logo of Best Buy displayed outside a Best Buy store in Edmonton, Alberta, Canada, on March 22, 2025.
Artur Widak | Nurphoto | Getty Images

Best Buy surpassed Wall Street revenue and earnings expectations for its most recent quarter on Thursday, but stuck with its full-year forecast, citing tariff uncertainty.
CEO Corie Barry said the retailer’s earnings call that it’s “increasingly confident about our plans for the back half of the year” and said the company is “trending toward the higher end of our sales range.”

Yet she said, “given the uncertainty of potential tariff impacts in the back half, both on consumers overall as well as our business, we feel it is prudent to maintain the annual guidance we provided last quarter.”
The consumer electronics retailer said it expects revenue of $41.1 billion to $41.9 billion and adjusted earnings per share in a range of $6.15 to $6.30 for its full fiscal year 2026. In May, Best Buy had cut its full-year profit guidance from a prior range of $6.20 to $6.60.
The middle of Best Buy’s expected full-year revenue range would be roughly flat to its revenue of $41.53 billion in the previous year. Best Buy said it expects full-year comparable sales, a metric that tracks online sales and sales at stores open at least 14 months, to range between a 1% decline and a 1% increase.
Chief Financial Officer Matt Bilunas said the company’s full-year guidance reflects that some shoppers could hold off on purchases in the third quarter. He said the retailer could see a slowdown in the business in October “as people are waiting for those holiday deals to come.”
For Best Buy, back-to-school season is a crucial time as families and students come to the store for laptops, tablets and more. Barry said the company has seen “a strong customer response” to its sales events during the season.

“These results demonstrate an important aspect of our thesis: Our model really shines when there is innovation,” she said.
Shares of Best Buy rose about 1% in premarket trading.
Here’s how the retailer did for the three-month period that ended August 2 compared with what Wall Street was expecting, according to a survey of analysts by LSEG:

Earnings per share: $1.28 adjusted vs. $1.21 expected
Revenue: $9.44 billion vs. $9.24 billion expected

Best Buy’s net income for the fiscal second quarter of 2026 fell to $186 million, or 87 cents per share, from $291 million, or $1.34 per share, in the year-ago quarter. Adjusting for one-time items, including restructuring charges, Best Buy reported earnings per share of $1.28.
Revenue increased from $9.29 billion in the year-ago quarter.
Best Buy has been navigating a challenging trifecta of factors. Customers have bought fewer kitchen appliances as they put off home purchases and projects because of higher interest rates. Some have hesitated to splurge on pricier items because of tariff-related uncertainty or held out on tech replacements as they wait for new or eye-catching items. The company’s annual sales have declined for the past three years.
To spur growth, Best Buy launched a third-party marketplace earlier this month to offer shoppers a wider selection of consumer electronics, accessories and more. On the marketplace, sellers who apply for the platform can list their own brands and items on Best Buy’s website and app.
The company already increased prices on some items because of tariff-related higher costs, Barry said on a mid-May call with reporters. She did not specify which items now cost more and described price increases as “the very last resort.”
Still, tariffs did not have a material impact on fiscal second-quarter financial results, Barry said on the company’s earnings call Thursday.
Barry said that shopping patterns at Best Buy have not changed from previous quarters. She said customers are “resilient, but deal-focused” and have been attracted to the company’s sales events like the one it held in July.
“In the current environment, customers continue to be thoughtful about big ticket purchases and are willing to spend on high price point products when they need to, or when there is technology innovation,” she said.
Best Buy’s comparable sales rose 1.6% in the fiscal second quarter compared to the year-ago period. That marked the company’s highest growth in three years, Barry said on the company’s earnings call.
In the U.S., comparable sales increased 1.1%, as customers bought mobile phones, video gaming equipment and items from its computing category. However, those sales trends were partially offset by weaker sales of appliances, home theaters, tablets and drones, the company said.
Gaming in particular had stronger-than-expected sales in the quarter, thanks to the release of the Nintendo Switch 2, Barry said. The retailer capitalized on the highly anticipated launch by offering a way for customers to pre-order and opening stores at midnight when the gaming console dropped on June 5, so customers could line up and get it right away.
In the back half of the year, Barrie said Best Buy will try to rev up sales in slower categories like appliances and home theater by sharpening price points, adjusting the merchandise it sells and expanding the staffing devoted to them. The retailer has increasingly leaned on its vendor partners to staff stores, bringing in employees of Apple and Samsung for example, to support sales in different parts of its stores.
Barry said the retailer expects brands to ramp up those staffing contributions in the back half of the year.
Best Buy’s fiscal second-quarter online sales in the U.S. rose 5.1% year over year and accounted for about a third of Best Buy’s total U.S. revenue in the quarter.
This is breaking news. Please check back for updates. More

Lawyers for Centers for Disease Control and Prevention Director Susan Monarez said late Wednesday that she remains in the role because only President Donald Trump can fire her.
The statement came hours after the White House said it had fired Monarez after she refused to resign.
It’s the latest in a leadership upheaval at the CDC, as at least four other top health officials announced Wednesday they were quitting the agency

Susan Monarez, President Donald Trump’s nominee to be the Director of the Centers for Disease Control and Prevention (CDC), arrives to testify for her confirmation hearing before the Senate Committee on Health, Education, Labor, and Pensions in the Dirksen Senate Office Building on June 25, 2025 in Washington, DC.
Kayla Bartkowski | Getty Images

Lawyers for Centers for Disease Control and Prevention Director Susan Monarez said late Wednesday that she remains in the role because only President Donald Trump can fire her.
In a post on X, the lawyers said White House staff in the personnel office notified Monarez of her firing on Wednesday. But the lawyers said Monarez is a presidential appointee, so only Trump can oust her.

“For this reason, we reject notification Dr. Monarez has received as legally deficient and she remains as CDC Director,” attorney Mark Zaid said in the post, “We have notified the White House Counsel of our position.”
It’s the latest in a leadership upheaval at the CDC. The statement came hours after the White House said it had fired Monarez after she refused to resign.
In an earlier statement, Zaid said Monarez “refused to rubber-stamp unscientific, reckless directives and fire dedicated health experts” and that “she chose protecting the public over serving a political agenda.”
“For that, she has been targeted,” he said.

Monarez and Health and Human Services Secretary Robert F. Kennedy Jr. were at odds over vaccine policy, The New York Times reported Wednesday, citing an anonymous administration official.

Kennedy, a prominent vaccine skeptic, has taken several steps to change immunization policy in the U.S.
Monarez, a longtime federal government scientist, was sworn in on July 31. She is the first CDC director to be confirmed by the Senate following a new law passed during the pandemic that required lawmakers to approve nominees for the role.
At least four other top health officials announced Wednesday they were quitting the agency shortly after the Health and Human Services Department said Monarez was “no longer” CDC director in a post on X.
In an interview on Fox News on Thursday, Kennedy declined to comment on “personnel issues.” But he said the agency “is in trouble, and we need to fix it, and we are fixing it, and it may be that some people should not be working there anymore.”
He said Trump has “very, very ambitious hopes for the CDC right now.” But Kennedy said the CDC “has problems,” claiming that the agency took the “wrong” approach when it came to social distancing, masking and school closures during the Covid pandemic.
“If there’s really a deeply, deeply embedded … malaise at the agency, and we need strong leadership that will go in there and that will be able to execute on President Trump’s broad ambitions for this agency, the gold standard science and who it was when we were growing up,” Kennedy said. “We’re going to be the most respected health agency in the world.”
The leadership departures comes at a tumultuous time for the agency, which is reeling from a gunman’s attack on its Atlanta headquarters on Aug. 8. A police officer died in the shooting. 
— CNBC’s Angelica Peebles contributed to this report. More

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Dick’s Sporting Goods beat Wall Street’s expectations on the top and bottom lines.
The company raised its full-year sales and earnings guidance and said it saw growth in both average ticket and transactions.
In May, the company announced it would acquire Foot Locker for $2.4 billion. The deal is expected to close in early September.

A Dick’s Sporting Goods store is shown in Oceanside, California, U.S., May 15, 2025.
Mike Blake | Reuters

Dick’s Sporting Goods raised its full-year sales and earnings guidance after delivering fiscal second-quarter results that beat expectations.
The company is now expecting comparable sales to grow between 2% and 3.5%, up from a previous range of 1% and 3% and ahead of analyst estimates of 2.9%, according to StreetAccount. 

Dick’s said its earnings per share are now expected to be between $13.90 and $14.50, up from a previous range of $13.80 to $14.40. Analysts were expecting $14.39 per share, according to LSEG.
Here’s how the company performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

Earnings per share: $4.38 adjusted vs. $4.32 expected
Revenue: $3.65 billion vs. $3.63 billion expected

The company’s reported net income for the three-month period that ended Aug. 2 was $381 million, or $4.71 per share, compared with $362 million, or $4.37 per share, a year earlier. Excluding one-time items related to its acquisition of Foot Locker and other costs, Dick’s posted earnings per share of $4.38.
Sales rose to $3.65 billion, up about 5% from $3.47 billion a year earlier. During the quarter, comparable sales also grew 5%, well ahead of expectations of 3.2%, according to StreetAccount. 
“Our performance shows how well our long-term strategies are working, the strength and resilience of our operating model and the impact of our team’s consistent execution,” CEO Lauren Hobart said in a news release. “Our Q2 comps increased 5.0%, with growth in average ticket and transactions, and we drove second quarter gross margin expansion.”

While Dick’s comparable sales guidance came in ahead of expectations, its full-year revenue outlook was slightly below estimates. The company said it’s expecting revenue to be between $13.75 billion and $13.95 billion, below estimates of $14 billion, according to LSEG.
Dick’s said its raised profit guidance includes the impact of tariffs that are currently in effect. In an interview with CNBC’s Courtney Reagan, Dick’s executive chairman Ed Stack said the company has implemented some price increases to offset the impact of higher duties but has been “surgical” in its approach.
“We’ve been able to do what we need to from a pricing standpoint, whether that’s from the national brands or from our own brands, and then other places where we’ve held price, we’ve been able to do that, and we’ve offset it someplace else, which is what you have to do in these in these situations, and the team’s done a great job doing that,” Stack said.
Dick’s said its guidance doesn’t include any potential impact from its acquisition of Foot Locker, such as costs or results from the planned takeover, which is expected to close next month. 
In May, Dick’s announced it would be acquiring its longtime rival for $2.4 billion, giving it a competitive edge in the wholesale sneaker market, most importantly for Nike products, along with a bigger global presence.
Nike is a critical brand partner for both Dick’s and Foot Locker and, at times, their performance is reliant on how well the sneaker brand is doing. During the quarter, Stack said new drops from Nike’s revamped running portfolio, including the Pegasus Premium and the Vomero Plus, are performing so well, it can’t keep the shoes in stock.
“Anything that’s new, innovative and kind of the cool factor, is blowing out,” Stack said.
However, the acquisition also comes with risks. Foot Locker’s business has been in the midst of an ambitious turnaround under CEO Mary Dillon but the company is still struggling.
In the quarter ended Aug. 2, Foot Locker’s sales fell 2.4% and it posted a loss of $38 million. The company faces a range of existential challenges, including its heavy mall footprint, its small online business and a core consumer that often has less discretionary income than the core Dick’s consumer. 
Once the businesses are combined, Foot Locker’s struggles could ultimately weigh on Dick’s overall results. On the other hand, the combined company will become the No. 1 seller of athletic footwear in the U.S., which will allow it to better compete against its next biggest rival, JD Sports. 
Stack acknowledged to CNBC that Foot Locker’s earnings “were not great” but said the company has a strategy.
“We have a game plan of how to turn this around,” Stack told Reagan. “We think that we can return Foot Locker to its its rightful place in the top of this industry and we’re excited to roll up our sleeves and get started with that.”
Dick’s plans to operate Foot Locker as a separate entity. Moving forward, Stack said the company plans to break out details on how each brand is performing when releasing quarterly results. It’ll provide separate details on how Dick’s performed and how Foot Locker performed so investors can get a sense of what’s going on in each part of the business.
Earlier this week, Dick’s said it had received all regulatory approvals associated with the transaction. It’s unclear if it had to divest any stores to satisfy the FTC’s requirements.
During a conference call with analysts at 10 a.m. ET, investors will be looking for more information on how the combined entities will operate and how Foot Locker will fit into the overall strategy.  More

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