Reported about 6 hours ago
Best Buy reported disappointing earnings for the twelfth straight quarter, with same-store sales down 2.9% year over year, missing forecasts. The retailer's net sales of $9.45 billion and adjusted earnings per share of $1.26 also fell short of expectations. CEO Corie Barry attributed the declines to macroeconomic uncertainties and consumers waiting for deals, particularly noted in nonessential categories. Best Buy anticipates further challenges in sales growth, while hoping for improvement in the upcoming holiday season, despite a 7% drop in stock price after the announcement.
Source: YAHOO