Reported 4 months ago
Best Buy reported disappointing sales for Q1 of fiscal 2025, with net sales dropping to $8.85 billion compared to $9.47 billion a year ago, primarily due to consumer demand shifting away from appliances and electronics post-pandemic. Despite beating EPS estimates, CEO Corie Barry noted that consumers are prioritizing necessities like food, fuel, and lodging, resulting in declines in various product categories. The company saw a jump in shares following the report, with analysts expressing concerns about discretionary spending and competition in the appliance category but also optimism around AI innovation potentially driving a replacement cycle earlier than expected.
Source: YAHOO