“Best Buy jumps 13% as cost-cutting preserves profits despite sluggish sales”
June 4, 2024
“Best Buy on Thursday missed Wall Street’s quarterly sales expectations but stressed higher profits and lower costs as softer demand for consumer electronics continues. Shares of the retailer gained 13% Thursday…
Net sales dropped to $8.85 billion from $9.47 billion in the year-ago period… The Minneapolis-based retailer has also slashed spending. Earlier this year, Barry said the company would lay off workers and cut costs across the business. She did not specify the number of layoffs but said Best Buy would invest in areas that could drive growth, like artificial intelligence…”
https://www.cnbc.com/2024/05/30/best-buy-bby-q1-2025-earnings.html