From CNBC: 2024-05-30 07:17:34

Best Buy missed quarterly sales expectations due to soft demand for consumer electronics. However, the retailer beat earnings per share estimates and maintained its full-year forecast, anticipating revenue of $41.3 billion to $42.6 billion. Net income rose slightly to $246 million in the first quarter, although net sales dropped to $8.85 billion.

Sales at Best Buy have been slow, as the company faces lower demand post-pandemic and reduced consumer discretionary spending due to inflation. CEO Corie Barry announced layoffs and cost-cutting measures earlier this year, with a focus on investing in growth areas like artificial intelligence. The company also plans to close 10 to 15 stores this fiscal year.

Despite challenges, Best Buy’s stock closed at $71.90, with a market value of about $15 billion. The company adjusted its full-year capital expenditures forecast to $750 million and has seen an 8% decline in stock value year-to-date, compared to the S&P 500’s 10% gains. Stay tuned for updates.



Read more at CNBC:: Best Buy (BBY) Q1 2025 earnings