Reuters
Best Buy sees steeper decline in annual comparable sales
T.Lee3 months ago
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A Best Buy store is seen in Niles, Illinois near Chicago, September 23, 2013. REUTERS/Jim Young/File Photo Acquire Licensing Rights
Nov 21 (Reuters) - Best Buy (BBY.N) said on Tuesday it expects a steeper drop in full-year comparable sales, anticipating shoppers to remain selective in purchases of big-ticket items like electronics and home appliances despite elevated holiday season promotions. The company's shares, down nearly 15% this year, fell 2.4% in premarket trading after a miss on third-quarter revenue estimates. Elevated interest rates, a spending shift to services from goods and a resumption in student loan repayments have further strained appetite for electronics and home office products after a pandemic-led surge. "In the more recent macro environment, consumer demand has been even more uneven and difficult to predict," CEO Corie Barry said in a statement. The top U.S. electronics retailer now expects annual comparable sales to decline in the range of 6.0% to 7.5%, compared with its prior range of a 4.5% to 6.0% drop. Total revenue fell to $9.76 billion in the third quarter ended Oct. 28 from about $10.59 billion a year earlier and compared with LSEG estimates of $9.90 billion.Read the full article:https://www.reuters.com/business/retail-consumer/best-buy-sees-steeper-decline-annual-comparable-sales-2023-11-21/
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