Best Buy has noticed a pullback in purchases of discretionary items as consumers manage higher costs because of inflation.
Best Buy missed Wall Street's quarterly sales expectations on Thursday as softer demand for consumer electronics persisted.The retailer beat on earnings per share, though, and stuck by its full-year forecast. It expects
revenue will range from $41.3 billion to $42.6 billion for the full year. That would mark a drop from the most recently ended fiscal year, when full-year revenue totaled $43.45 billion. It said comparable sales will range from flat to a 3% decline.The company's net income for the three-month period that ended May 4 rose slightly to $246 million, or $1.13 per share, from $244 million, or $1.
Plus, like other retailers, across the business. She did not specify the number of layoffs, but said Best Buy would invest in areas that could drive growth, like artificial intelligence. As of early February, Best Buy had more than 85,000 employees. That's down from the nearly 125,000 workers that it had in early 2020 and the more than 90,000 employees it had in early 2023, according to company financial filings.The company on Thursday adjusted its full-year capital expenditures forecast to an estimate of $750 million, down from as much as $800 million.
Shares of Best Buy closed on Wednesday at $71.90, bringing the company's market value to about $15 billion. As of Wednesday's close, the company's stock is down about 8% year-to-date, trailing behind the S&P 500's gains of about 10%.
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