Best Buy shares soar as retailer sticks with its holiday-quarter outlook - CNBC

On a call with investors, CEO Corie Barry said sales declined across most of Best Buy's product categories — with the largest decrease in computing and home theater.

Even as consumers paid more for groceries, gas and housing, she said the retailer "saw relatively consistent behavior from our purchasing customers." But she added shoppers have a lot of interest in sales events.

"Across consumers, we can also see that savings are being drawn down and credit usage is going up," Barry said on the investor call.

It said at the time that it expects same-store sales to drop by about 11% for the 12-month period ending in January.

Best Buy had not given specific guidance for comparable sales in the third-quarter, but its Chief Financial Officer Matt Bilunas had cautioned it would drop more than the 12.1% decline in the second quarter. .

Best Buy said it plans to spend about $1 billion on share buybacks this year.

"There's no easy one way to describe the consumer," Barry said on the investor call.

As the level of promotions picks up, CEO Barry said the company is tightly controlling its inventory, which was down 14.7% year over year.