Best Buy optimism rises despite 2Q earnings decline

Another positive note for the economy:

Best Buy says revenue is exceeding expectations and customer traffic patterns are indicating “signs of stability.” The consumer-electronics giant raised its outlook for the fiscal year, telling investors to expect up to $3 per share, instead of the $2.70 it previously predicted.

Best Buy announced its second-quarter results this morning, with net earnings of $158 million, down 22 percent from last summer. CEO Brian Dunn said he’s pleased but not surprised with its market share gains, some of which are credited to the popularity of “bundled solutions,” selling a PC, printer and installation package all together, for example.

The company isn’t sounding an all-clear just yet. CFO Jim Muehlbauer said the optimism is tempered by the view that consumers are still struggling and that its most important months are yet to come.

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