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Best Buy on Thursday missed Wall Street’s quarterly sales expectations, but stressed higher profits and lower costs as softer demand for consumer electronics continues. The retailer beat on earnings per share and stuck by its full-year forecast. It expects revenue will range from $41.3 billion to $42.6 billion for the full year. That would mark a drop from the most recently ended fiscal year, when full-year revenue totaled $43.45 billion. It said comparable sales will range from flat to a 3% decline. In a news release on Thursday, CEO Corie Barry acknowledged “a challenging sales environment” for the consumer electronics category and softer-than-expected sales. But, she said the company continues “to manage our profitability while at the same time preparing for future growth.” Here’s how Best Buy did in its fiscal first quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG: Earnings per share: $1.20 adjusted vs. $1.08 expected Revenue: $8.85 billion vs. $8.96 billion expected The company’s net income for the three-month period that ended May 4 rose slightly to $246 million, or $1.13 per share, from $244 million, or $1.11 per share, a year earlier. Adjusting for one-time items, including restructuring charges, Best Buy reported earnings of $1.20 per share. Net sales dropped to $8.85 billion from $9.47 billion in the year-ago period. Best Buy’s sales have been sluggish, as the company deals with the aftermath of roughly two years of outsized demand during the Covid pandemic. The retailer has been in the middle of a waiting game for the replacement cycle of laptops, kitchen appliances and more to normalize and for the debut of new tech gadgets to push customers to its stores and website. Plus, like other retailers, Best Buy has noticed a pullback in purchases of discretionary items…

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Filed under: News - @ May 30, 2024 12:20 pm