Best Buy Co. Inc. said Tuesday it forecast a smaller-than-expected drop in annual sales ahead of the holiday season, as steep discounts help soften the blow to electronics demand.
The retailer's shares rose 6% to $75 in premarket trading, after it also said it had resumed its share buyback program and would spend about $1 billion for repurchases this year.
Surging prices have driven down demand for non-essential products this year, forcing Best Buy and other retailers to opt for discounts and promotions to clear excess stock of products such as televisions, laptops and other electronics.
Best Buy said it expects full-year comparable sales to fall about 10%, compared with a previous forecast of a decrease of about 11%.
The company's comparable sales decreased 10.4% in the third quarter ended Oct. 29, compared with analysts' estimates of a 12.9% fall, according to IBES data from Refinitiv.
© 2026 Thomson/Reuters. All rights reserved.