Reported 4 months ago
Best Buy reported a disappointing first quarter for fiscal 2025, with net sales dropping to $8.85 billion compared to $9.47 billion a year ago and below the anticipated $8.97 billion. CEO Corie Barry stated that consumers are prioritizing necessities like food, fuel, and lodging, leading to a 6.3% decrease in total US sales, especially in appliances (-18.5%), entertainment (-11.3%), and consumer electronics (-8.3%). Despite a drop in online sales by 6.1%, the company's service category helped boost profit. Best Buy’s fiscal year guidance predicts sales to decrease between 3% to 0%, and following the report, the stock rose over 11%, driven by improved profitability.
Source: YAHOO