Earnings

Best Buy (BBY) earnings Q1 2024

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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.

Shares rose about 3% to close the day at $71.28.

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.

“We’ve been seeing a consumer who is — whether or not you…



Source cnbc.com

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