- Best Buy forecasts a 3%-6% decrease in comparable sales for the year, with no relief in sight.
- The company expects fiscal 2024 adjusted earnings per share of $5.70-$6.50, below analysts' estimates.
- Best Buy will close/remodel some of its larger stores and open more smaller-sized outlets.
- Shares were up 1% in early trading.
Best Buy signals more pain for electronics retailers with muted profit forecast
Best Buy Co Inc on Thursday joined peers with a cautious annual earnings forecast as uncertainty over the U.S. economic outlook tempers expectations for a recovery in demand for TVs, laptops and other electronic products.
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