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Best Buy Sales Drop as Shoppers Prioritize Essentials

Quarterly earnings exceed expectations despite 3% decline in sales

By Newser.AI Read our AI policy

Posted Aug 29, 2024 7:34 AM CDT

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Best Buy Sales Drop as Shoppers Prioritize Essentials — A customer turns away after looking at big-screen televisions in a Best Buy store Nov. 21, 2023, in southeast Denver. (AP Photo/David Zalubowski, File)

Best Buy, the leading US consumer electronics chain, reported another quarterly sales decline as consumers shift priorities to essential purchases amid tough economic conditions. Despite the drop, the retailer still surpassed Wall Street expectations. The Richfield, Minnesota-based company adjusted its sales projections downward but increased its earnings forecast for the current fiscal year.

For the quarter ending August 3, Best Buy posted earnings of $291 million, or $1.34 per share, up from $274 million, or $1.25 per share, in the same period last year. Sales dipped by 3% to $9.29 billion from $9.58 billion during the same period in 2023. Analysts had anticipated earnings of $1.16 per share on revenues of $9.23 billion, according to FactSet. (This story was generated by Newser's AI chatbot. Source: the AP)

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