Best Buy (BBY) shares rose sharply on Thursday, hitting their highest level in more than two years after second-quarter earnings beat estimates and the company announced it expects higher-than-expected profit for the full fiscal year despite declining sales forecasts.

The electronics retailer reported better-than-expected net income of $291 million on total revenue of $9.29 billion, narrowly beating estimates. CEO Corie Barry said the company saw encouraging growth in tablet and computer sales during the quarter, although comparable sales fell more than 2% year-over-year.

Best Buy improves profit forecast despite “inconsistent” consumer behavior

Best Buy updated its full-year outlook on Thursday, expecting total revenue to be between $41.3 billion and $41.9 billion, down from its previous forecast of $42.6 billion.

Despite the narrowed sales range and an updated comparable sales forecast of a decline of 1.5 to 3 percent (compared to a previously potentially flat to negative 3 percent), Best Buy expects adjusted earnings per share (EPS) of $6.10 to $6.35, an increase from the previous range of $5.75 to $6.20.

“We see a consumer who values ​​value and deals and who is also willing to spend on high-priced products when needed or when there are new, compelling technologies,” said Corie Barry, CEO of Best Buy. “We balance our optimism about both the industry and our positioning with a pragmatic approach to what will likely be uneven customer behavior in the future.”

Best Buy shares rose about 15% on Thursday, hitting their highest level since early 2022.