Best Buy tops holiday-quarter expectations but warns of further sales declines in the coming year
Publishing timestamp: 2023-03-02 16:17:03
Summary
Best Buy reported holiday-quarter earnings and revenue that topped Wall Street's expectations, but warned of declining sales in the coming year. The company was a big beneficiary of sales trends during the Covid pandemic, but this has set up challenging comparisons for the future. For the coming fiscal year, Best Buy expects revenue to decline and same-store sales to decrease by 3-6%. The company is also making a play to revive its storefront portfolio to stay relevant in the digital age. As of Thursday's close, Best Buy's shares have risen nearly 3% so far this year.
Sentiment: MIXED
Tickers: BBY,
Keywords: breaking news: business, best buy co inc, business news, retail industry, business, breaking news: earnings,
Source: https://www.cnbc.com/2023/03/02/best-buy-bby-earnings-q4-2023.html