Reported 4 months ago
Best Buy is expected to report its tenth consecutive quarter of sales decline due to weak electronics spending despite easing inflation, contrasting with increased consumer spending on less-expensive discretionary items. Analysts do not anticipate a demand trend change for electronics at Best Buy, with a recovery not expected until the second half of the year. The company's first-quarter revenue is projected to drop by 5.4%, with comparable sales falling by 4.94%, while adjusted earnings are expected to decrease by 6.4% to $1.08 per share. Wall Street sentiment towards Best Buy remains lukewarm, with the average rating being "hold" and the stock falling by 7.3% so far this year.
Source: YAHOO