Best Buy posted third quarter results exceeding Wall Street estimates, raising its full-year outlook for the holiday shopping season. Same-store sales rose 2.7%, beating analysts’ expectations. Adjusted earnings per share were $1.40 on revenue of $9.67 billion. Shares rose 3% in premarket trading. US same-store sales rose 2.4%, online sales rose 3.5%, and international sales jumped 6.3%.

CEO Corie Barry attributed sales growth to strong performance in computing, gaming, and mobile phones. Best Buy expects full-year same-store sales to grow 0.5%-1.2%, up from previous expectations. Revenue forecast increased to $41.65-$41.95 billion, with adjusted earnings per share expected between $6.25-$6.35. CFO Matt Bilunas cited strong Q3 results and outlook for Q4 as reasons for the forecast increase.

For the fourth quarter, Best Buy anticipates same-store sales growth of 1% decline to 1% increase, with an adjusted operating income rate of 4.8%-4.9%. CEO Barry emphasized the impact of innovation and replacement cycles on sales, especially in computing, mobile phones, wearables, and headphones. Customers are willing to pay more for upgrades to future-proof their tech amidst AI advancements.

Read more at Yahoo Finance: Best Buy earnings beat Wall Street’s forecasts; retailer raises outlook