“Best Buy shares rise on earnings beat, even as CEO says shoppers are showing ‘recessionary behaviors’”
May 25, 2023
“Best Buy on Thursday topped Wall Street’s quarterly earnings expectations, but its sales missed estimates and it reiterated expectations for weaker spending on consumer electronics this year.
The company’s shares rose more than 2% in early trading Thursday.
The retailer affirmed the outlook it shared in March. It expects full-year revenue of between $43.8 billion and $45.2 billion, a decline from its most recent fiscal year, and a comparable sales drop of between 3% and 6%.
On a call with analysts, CEO Corie Barry said as shoppers face higher prices for housing, food and fuel, they are making trade-offs by buying some items and skipping others…”
https://www.cnbc.com/2023/05/25/best-buy-bby-earnings-q1-2024.html