12:16 PM EDT, 08/29/2024 (MT Newswires) -- Best Buy ( BBY ) performed better than expected during the first half of its fiscal 2025, with the retailer on Thursday reporting sales and adjusted earnings for its Q2 ended Aug. 3 that exceeded Wall Street forecasts, Wedbush said.

Q2 comparable store sales were down 2.3%, Wedbush said, versus its estimate for decline of 4% and the Street view for a 3.2% fall. Best Buy ( BBY ) also beat estimates on other metrics, including gross margins and expenses, the Wedbush analysts said.

Best Buy ( BBY ) tweaked its fiscal 2025 outlook, although the Wedbush analysts said the improved guidance appeared mostly to reflect gains during the first six months of the year rather a significantly brighter future.

The electronics retailer said it expects fiscal 2025 adjusted earnings of $6.10 to $6.35 per diluted share, compared with $5.75 to $6.20 previously. Analysts polled by Capital IQ expect $6.10.

Wedbush reiterated its neutral stock rating while maintaining an $85 price target.

Best Buy ( BBY ) shares were up by more than 15% in midday trading on Thursday.

Price: 101.26, Change: +13.47, Percent Change: +15.34