Best Buy reports drop in Q1 sales as chain wrestles with cautious gadget spending
Best Buy reported another quarterly drop in sales as the nation’s largest consumer electronics chain wrestles with cautious spending by Americans as they prioritize essential purchases and pay more for things like rent
By Anne D'Innocenzio
Published - May 30, 2024, 07:54 AM ET
Last Updated - May 30, 2024, 08:15 AM EDT
NEW YORK (AP) — Best Buy reported another quarterly drop in sales as the nation's largest consumer electronics chain wrestles with cautious spending by Americans as they prioritize essential purchases and pay more for things like rent.
The company has reported quarterly sales declines for more than two years, a stretch reaching back to the pandemic when households were bulking up on new laptops and other goods to work from home.
Sales were worse than Wall Street had expected, but profits were better than projected. Best Buy offered a muted profit and sales outlook for the year.
Shares rose more than 1% in premarket trading Thursday.
