Best Buy reports another drop in quarterly sales amid cautious buying but business is stabilizing
Best Buy, the nation’s largest consumer electronics chain, reported another quarterly drop in sales due to Americans pulling back on purchases of appliances and consumer-electronics gadgets to focus on essentials
NEW YORK (AP) — Best Buy, the nation’s largest consumer electronics chain, on Thursday reported another quarterly drop in sales due to Americans pulling back on purchases of appliances and consumer-electronics gadgets to focus on essentials.
But the latest period showed Best Buy's business stabilizing, and its results topped Wall Street expectations. The retailer based in Richfield, Minnesota, lowered its sales outlook but raised its earnings view for the current fiscal year.
Best Buy's stock jumped more than 17% Thursday.
“Overall, customers remained deal-focused and attracted to more predictable sales moments with 4th of July, Black Friday in July and the beginning of back-to-school sales events, ” Best Buy's CEO Corie Barry told analysts during a call. She noted that comparable sales — those from digital channels and physical stores — in July were the best of the quarter.
