People walk past a Best Buy store in Manhattan, New York City, November 22, 2021.
Andrew Kelly | Reuters
Best Buy cut its full-year sales outlook Tuesday, as the company weathers a period of cooler demand and prepares for price-conscious holiday shoppers.
The consumer electronics retailer beat Wall Street’s quarterly earnings expectations, but fell short on revenue.
Best Buy said it now expects revenue to range from $43.1 billion to $43.7 billion for the fiscal year, down from its previous range of between $43.8 billion to $44.5 billion. The retailer said it expects comparable sales to decline by between 6% and 7.5%, lower than its previous guidance of a 4.5% to 6% drop.
It also lowered the high end of its profit guidance, saying it expects adjusted earnings per share to range from $6 to $6.30 instead of between $6 and $6.40.
CEO Corie Barry said in a news release that Best Buy anticipated softer sales of consumer electronics this year. But with an economic backdrop marked by high…
2023-11-21 08:39:05
Original from www.cnbc.com