Best Buy cuts sales forecast, as holiday shoppers hunt for deals
Publishing timestamp: 2023-11-21 10:35:09
Summary
Best Buy has cut its full-year sales forecast due to cooler demand and the need to cater to price-conscious holiday shoppers. The company beat earnings estimates but fell short on revenue. Best Buy now expects lower revenue and comparable sales for the fiscal year. CEO Corie Barry mentioned that consumer demand has been difficult to predict. Despite lower demand, Best Buy has focused on driving higher profitability through its membership program and favorable product margins.
Sentiment: MIXED
Tickers: BBY,
Keywords: earnings, breaking news: business, business, best buy co inc, business news, retail industry, breaking news: earnings,
Source: https://www.cnbc.com/2023/11/21/best-buy-bby-earnings-q3-2024.html