Best Buy posts another quarterly sales drop while Kohl’s sees slump deepen
3 weeks, 6 days ago

Best Buy posts another quarterly sales drop while Kohl’s sees slump deepen

Associated Press  

NEW YORK — Best Buy, the nation’s largest consumer electronics chain, reported another quarterly drop in sales as Americans continued to tighten their purse strings on appliances and gadgets to focus on essentials. Best Buy’s CEO Corie Barry also warned that shoppers will likely have to pay more for purchases reflecting higher costs as President-elect Donald Trump pledges to impose sweeping tariffs on products from China and Mexico. During a call with analysts Tuesday, Best Buy’s Barry said the chain wrestled with economic uncertainty, shoppers’ waiting for deals and the disruption during the run-up to the election, particularly in non-essential categories. Best Buy earned $273 million, or $1.26 per share, for the quarter ended Nov. 2.

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Best Buy and Kohl’s extends streak of quarterly sales slumps as Americans focus on the essentials
6 months, 3 weeks ago

Best Buy and Kohl’s extends streak of quarterly sales slumps as Americans focus on the essentials

Associated Press  

NEW YORK — The earnings results from Best Buy and Kohl’s, announced Thursday, offer the latest evidence of consumers’ cautious spending amid a challenging economic environment. Best Buy, the nation’s largest consumer electronics chain, reported another quarterly drop in sales as Americans pull back on gadget spending to prioritize essential purchases and pay more for things like rent. Best Buy …

US stock markets: Best Buy shares soar nearly 8.1% on smaller-than-expected fall in Q4 sales
9 months, 3 weeks ago

US stock markets: Best Buy shares soar nearly 8.1% on smaller-than-expected fall in Q4 sales

Live Mint  

Shares of Best Buy Co. soared nearly as much as 8.1 per cent on Thursday as the consumer electronics retailer posted a smaller-than-expected sales decline in the fiscal fourth quarter ended February 3. Best Buy said it expects sales for the current fiscal year to be in the range of $41.3 billion to $42.6 billion. The current economic environment makes …

Best Buy’s shares up after chain posts smaller-than expected sales decline for 4Q
9 months, 3 weeks ago

Best Buy’s shares up after chain posts smaller-than expected sales decline for 4Q

Associated Press  

NEW YORK — Best Buy’s shares rose on Thursday as the nation’s largest consumer electronics chain posted a smaller-than-expected sales decline for the fiscal fourth quarter, signaling that the bottom of spending on gadgets may be in sight. Best Buy said the current economic environment makes consumer electronic sales uneven and difficult to predict. “It’s simply a matter of the …

Best Buy posts better-than-expected 3Q profits but sales sluggish amid spending malaise
1 year, 1 month ago

Best Buy posts better-than-expected 3Q profits but sales sluggish amid spending malaise

Associated Press  

NEW YORK — Best Buy Co. on Tuesday posted stronger-than-expected profits for its fiscal third quarter but is still struggling with sales declines as shoppers pulled back on a broad range of items from appliances to computers and phones in an uncertain economy. That scenario marks a big difference from Best Buy’s sales during the depths of the pandemic, which …

Goodbye to more DVDs? Best Buy plans to phase out sales of physical movies in the coming months
1 year, 2 months ago

Goodbye to more DVDs? Best Buy plans to phase out sales of physical movies in the coming months

Associated Press  

NEW YORK — Best Buy is saying goodbye to movie-watching with physical discs. The consumer electronics retailer plans to phase out its DVD and Blu-ray sales by early 2024 — with physical movies set to be sold in-stores and online as they are today through the holidays, Best Buy confirmed to The Associated Press Friday. “Making this change gives us …

Best Buy and the reluctant shopper. Sales fall as Americans pull back on spending
1 year, 3 months ago

Best Buy and the reluctant shopper. Sales fall as Americans pull back on spending

Associated Press  

NEW YORK — Sales and profits at Best Buy slid in the second quarter as the nation’s largest consumer electronics chain continues to wrestle with a pullback in spending after Americans splurged during the pandemic. Retailers including Best Buy are also now bracing for the impact from the ending of the student loan moratorium, which had provided one-time college students …

Macy’s, Best Buy 4Q reports underscore consumer slowdown
1 year, 9 months ago

Macy’s, Best Buy 4Q reports underscore consumer slowdown

Associated Press  

NEW YORK — Quarterly earnings from Macy’s and Best Buy show how Americans have pulled back their spending on clothes and gadgets as inflation strains household budgets. “The consumer electronics industry continues to feel the effects of the broader macro environment and its impact on consumers,” said Matt Bilunas, Best Buy’s chief financial officer. Best Buy earned $495 million, or …

Best Buy shares tumble on theft, supply constraints
3 years, 1 month ago

Best Buy shares tumble on theft, supply constraints

Associated Press  

NEW YORK — Best Buy Co.'s shares tumbled Tuesday after the nation’s largest consumer electronics chain posted a decline in gross profit margin for the fiscal third quarter, citing organized theft and increased promotions compared to a year ago. The stock decline came even as Best Buy’s overall third-quarter results beat Wall Street estimates. “We are definitely seeing more and …

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