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Best Buy Posts Drop in Sales as Shoppers Pull Back on Electronics


Last month, Best Buy (US.BBY) cut its sales and profit forecast for the second quarter, and the company has moved to cut jobs. Its final results were slightly better than those lowered expectations.&nbsp

For the full fiscal year, the company reiterated that it expects comparable sales to decline about 11%. That would mark a sharp reversal from the prior two fiscal years when such sales increased by about 10% in each period.&nbsp

For the July quarter, total revenue fell 12.8% to $10.33 billion, while net income dropped more than 50% to $306 million. Earlier this month, Best Buy cut some store jobs as it worked to increase profits. It reported a $34 million restructuring charge related to terminations and voluntary early retirement in the most recent quarter.


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Best Buy’s quarterly sales drop, as inflation-weary consumers pull back on spending

Best Buy (US.BBY) on Tuesday said sales dropped by about 13% in the second fiscal quarter, as the retailer felt a pullback from inflation-weary shoppers. The retailer reaffirmed its full-year guidance, saying it expects softer demand for consumer electronics as people pay more for groceries and gas. It expects same-store sales to drop by about 11% for the 12-month period ended in January. The company had cut its full-year and second-quarter forecast in late July.

best buy bby q2 2023 earnings 2022

Retailers face shake-up as US consumers trade down to beat rising prices

In earnings calls and investor conferences in recent weeks, several US retailers have flagged that customers have begun migrating to cheaper products. Others are bracing for more to do so in the coming months. (US.WMT) (US.COST) (US.KSS) (US.BBY) Discount retailers and makers of stores’ own brands, in particular, stand to benefit if more consumers switch to cheaper alternatives and private label products.

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Target, Walmart Earnings Selloff Puts Retailers’ Inflation Pains on Display


Many large companies, including retailers, have been able to increase profits during the Covid-19 pandemic even while facing rising costs for shipping and staffing. Passing along price increases to customers while cutting expenses has been a common path to raising profit margins, but the latest results suggest there might be limits to that strategy amid current economic conditions.&nbsp

The broader concerns within the retail and consumer-goods sectors weighed on companies including Best Buy Co. (US.BBY), Macy’s Inc. (US.M), Dick’s Sporting Goods Inc. (US.DKS), Dollar General Corp. (US.DG) and Costco Wholesale Corp. (US.COST) in Wednesday trading. Shares of those companies dropped more than 10% on Wednesday. Lowe’s (US.LOW) Cos. said comparable sales fell 4% in its first quarter, driven lower by cooler weather and reduced spending from consumers completing their own home renovations. Home Depot Inc. (US.HD) reported a quarterly sales increase of 3.8%, but said fewer shoppers visited the home-improvement chain’s stores.


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Jim Cramer says to consider these five high-yielding stocks to upgrade your portfolio


Here is the list he came up with:&nbsp

  1. Huntington Bancshares (US.HBAN)
  2. Truist&nbsp
  3. &nbsp Best Buy (US.BBY)&nbsp
  4. Whirlpool (US.WHR)&nbsp
  5. Digital Realty (US.DLR)


jim cramer says to consider these five high yielding stocks to upgrade your portfolio 2022