Tag: $Best Buy

Best Buy reported higher-than-expected sales in its latest quarter and said consumers are looking for value, but are still willing to spend on high-priced electronics.

U.S. retail sales rose 3.8% between Nov. 1 and Dec. 24, as intense promotion to drum up sales in what was expected to be a highly competitive holiday season for retailers prompted last-minute shopping among consumers.

Walmart Inc., Amazon.com and fast-growing e-commerce sites Shein and PDD Holding’s Temu saw record-breaking sales on Black Friday and Cyber Monday, according to spending data, suggesting that they may finish the holiday season on a much stronger note than Target and Best Buy which struggled.

Best Buy cut its annual profit and sales forecasts on Tuesday, signaling a muted holiday shopping season amid sluggish demand for pricey electronics such as televisions and home theater systems.

 Best Buy raised its annual profit forecast after topping second-quarter earnings expectations on Thursday, as tighter controls on costs help the electronics retailer offset the impact from steeper discounts and promotions across categories.

Best Buy on Tuesday surpassed Wall Street’s quarterly sales expectations, but tempered its outlook for the rest of the year as it feels the lull of post-pandemic spending on kitchen appliances, computer monitors and other electronics.

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.