Best Buy scales back sales outlook as results top expectations
Publishing timestamp: 2023-08-29 12:54:50
Summary
Best Buy's quarterly results exceeded Wall Street's expectations, but the company lowered its sales outlook for the year. CEO Corie Barry anticipates this year to be the low point in tech demand before sales bounce back. The company is seeing a reversion to pre-pandemic sales levels and is facing challenges from inflation and consumers' shift back to spending on experiences. Best Buy's net income and net sales in the quarter decreased compared to the year-ago period, but gaming systems were sales drivers. The company narrowed its full-year outlook and slightly raised its profit expectations. Best Buy is focusing on new categories and its subscription program, My Best Buy, to drive growth. The company is also reevaluating its store footprint and plans to close some stores, remodel others, and expand outlet stores.
Sentiment: MIXED
Keywords: business, business news, breaking news: business, earnings, retail industry, best buy co inc, home depot inc, breaking news: earnings, lowe's companies inc,
Source: https://www.cnbc.com/2023/08/29/best-buy-bby-q2-2024.html