Wsj
Best Buy Pads Its Bottom Line
N.Adams3 months ago
Electronics are still a tough sell at Best Buy, but the company is making the most of what it can sell. The retailer reported on Tuesday that U.S. comparable sales fell 7.3% in its quarter ended Oct. 28 compared with a year earlier, worse than Wall Street expectations of a 5.8% decline. Net income was down 5% on-year, better than expectations of an 8% decline, but trends in the quarter were bad enough that Best Buy lowered its guidance for the full year on the top and bottom lines. Best Buy shares fell 4% after the earnings call Tuesday morning. Best Buy’s Chief Executive Officer Corie Barry said on the call that there are a number of “stacked issues” for consumer electronic demand, starting with a pull-forward effect over the pandemic. Sustained inflation on necessities—such as food, fuel and lodging—is another headwind, and so is the shift to spending on services such as trips.
Read the full article:https://www.wsj.com/livecoverage/stock-market-today-dow-jones-11-21-2023/card/best-buy-pads-its-bottom-line-lAZevGZu8fbW0sj6yKBu
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