Best Buy (BBY) Q2 2023 earnings


Televisions are seen for sale at a Best Buy store in New York City.

Andrew Kelly | Reuters

Best Buy on Tuesday said sales dropped by about 13% in the fiscal second quarter, as the retailer felt a pullback from inflation-weary shoppers.

The company’s shares rose about 4% in early trading, as it reaffirmed its full-year guidance. Best Buy had cut the sales and profit forecast in late July, saying it expects weaker demand for consumer electronics as people pay more for groceries and gas. The retailer projects same-store sales to drop by about 11% for the 12-month period ending in January.

CEO Corie Barry acknowledged that the economic backdrop has become choppier.

“We are clearly operating in an…

Source cnbc.com

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