From CNBC: 2024-11-26 08:10:00

Best Buy cut its full-year sales forecast after missing quarterly revenue expectations. The retailer now expects revenue to range from $41.1 billion to $41.5 billion, with comparable sales declining by 2.5% to 3.5%. Shares were down 3% in premarket trading. CEO Corie Barry cites softer demand due to macro uncertainty and election distractions.

In the fiscal third quarter, Best Buy reported adjusted earnings per share of $1.26, falling short of the expected $1.29. Revenue came in at $9.45 billion, missing the $9.63 billion estimate. Net income rose to $273 million, but net sales fell to $9.45 billion. The company is waiting for a wave of shoppers to upgrade to new tech devices.

Best Buy is anticipating industry stabilization and expects new gadgets like Apple’s iPads and AI-enabled laptops from Microsoft to drive sales. However, the recent quarter saw a 2.9% decline in comparable sales, with weakness in appliances, home theaters, and gaming. Digital sales also decreased by 1% year over year in the U.S. Shares of Best Buy are up 19% this year.



Read more at CNBC:: Best Buy (BBY) earnings Q3 2025