Best Buy reduces profit and sales outlook due to weak holiday demand; shares drop 7%.

From Investing.com: 2024-11-26 07:10:45

Best Buy lowers profit and sales forecasts due to expected discounts and weak demand for expensive electronics during holiday season. Shares drop 7% in premarket trade, despite a year-to-date gain of 18.8%. Consumers cautious on spending for big-ticket items, prefer shopping during promotional events. Retailers like Best Buy and Target struggle to boost sales in non-essentials category. Best Buy now expects annual comparable sales to decline by 2.5% to 3.5%, with adjusted profit per share projected at $6.10 to $6.25.



Read more at Investing.com: Best Buy cuts annual profit, sales forecasts on tepid holiday demand By Reuters