Reported 4 months ago
Best Buy and Kohl's have extended their streak of quarterly sales slumps, with Best Buy reporting another decline as Americans prioritize essential purchases over gadgets and pay more for necessities like rent. Best Buy's profits exceeded expectations, but sales fell short, leading to a muted forecast for the year. Kohl's also saw a loss and drop in sales, missing Wall Street expectations, particularly in core categories excluding a beauty uptick from its partnership with Sephora. Americans are spending cautiously, focusing on essentials amid a challenging economic environment where inflation and higher interest rates are impacting purchasing decisions.
Source: YAHOO