Best Buy's fiscal first-quarter results showed higher-than-anticipated earnings per share of $1.15 but lower-than-anticipated sales of $9.47B. The CEO, Corie Barry, blamed the drop in sales on consumers' recessionary actions due to rising prices and inflation. Compared to the same period last year, when net income was $341M, the first quarter's net income fell to $244M. - Similar sales decreased by 10.1%, as anticipated by investors, and in early trade, shares increased by more than 2%.
- Through partnerships in the healthcare industry and the relaunch of its membership program, Best Buy has looked for additional revenue sources.
- As families have more connected devices and the need for replacements or new purchases emerges, Best Buy forecasts a comeback in tech demand.
- Best Buy's stock has slipped 14% this year, compared to a 7% increase in the S&P 500 and a 2% decrease in XRT retail stocks.
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