Justin Sullivan
Best Buy reported a higher quarterly profit mainly as strength in its mobile business boosted margins, prompting the top U.S. consumer electronics chain to boost its full-year outlook.
Profit was $254-million, or 60 cents a share, for the second quarter ended Aug. 28, compared with $158-million, or 37 cents a share, a year earlier.
The company also raised its forecast for fiscal 2011 earnings to $3.55 to $3.70 a share, up from its prior outlook of $3.45 to $3.60 a share.