Best Buy Co Inc (NYSE:BBY) shares are trading higher Thursday after the company updated its second-quarter and full-year outlook.

Best Buy expects second-quarter comparable sales to decline approximately 13%. The company said it expects its second-quarter operating income rate to be around 3.7%. Additionally, the company expects its second-quarter ending inventory balance to be approximately flat compared to the same period last year.

"As high inflation has continued and consumer sentiment has deteriorated, customer demand within the consumer electronics industry has softened even further, leading to Q2 financial results below the expectations we shared in May," said Corie Barry, CEO of Best Buy. 

Analyst Assessment: Several analyst firms cut price targets on the stock following the update. 

Best Buy is set to announce its second-quarter financial results on Aug. 30.

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BBY Price Action: Best Buy has traded between $112.96 and $64.29 over a 52-week period.

The stock was up 1.38% at $75.52 at press time, according to data from Benzinga Pro.

Photo: courtesy of Best Buy.