Best Buy reported another quarterly drop in sales as the nation’s largest consumer electronics chain wrestles with cautious spending by Americans as they prioritize essential purchases and pay more for things like rent.
FILE - Best Buy in Philadelphia, Wednesday, Nov. 17, 2021. Best Buy reported another quarterly drop in sales as the nation's largest consumer electronics chain wrestles with cautious spending by Americans as they prioritize essential purchases and pay more for things like rent.
That is a reversal of what Best Buy's customers were doing during the pandemic, when its sales were being fueled by oversized spending from workers splurged on electronics to help them work from home, or to get their children better equipped for virtual learning. Government stimulus checks fueled a lot of that spending as well.
Best Buy reported a profit of $246 million, or $1.13 per share for the quarter ended May 4. That compares with a profit of $244 million, or $1.11 per share in the year-ago period. Adjusted earnings per share was $1.20, easily topping Wall Street expectations for $1.08, according to a poll by FactSet.
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