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Best Buy misses quarterly same-store sales estimates - CNA

Best Buy Co Inc reported a smaller-than-expected rise in quarterly same-store sales on Thursday, as the biggest U.S. consumer electronics retailer sold fewer video game consoles and other entertainment products.

People wait in line to shop at Best Buy on during a sales event on Thanksgiving day in Westbury, Ne
FILE PHOTO: People wait in line to shop at Best Buy during a sales event on Thanksgiving day in Westbury, New York, U.S., November 22, 2018. REUTERS/Shannon Stapleton

REUTERS: Best Buy Co Inc reported a smaller-than-expected rise in quarterly same-store sales on Thursday, as the biggest U.S. consumer electronics retailer sold fewer video game consoles and other entertainment products.

Best Buy's overall same-store sales 1.6per cent in the second quarter ended Aug. 3. Analysts on average had expected a 2.15per cent increase, according to IBES data from Refinitiv.

Revenue rose to US$9.54 billion from US$9.38 billion, a touch below expectations of US$9.56 billion.

The company also narrowed its full year sales forecast to a range of US$43.1 billion to US$43.6 billion, from a US$42.9 billion to US$43.9 billion range, citing planned further increases in U.S. tariffs on Chinese goods.

(Reporting by Uday Sampath in Bengaluru; Editing by Tomasz Janowski)

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https://www.channelnewsasia.com/news/business/best-buy-misses-quarterly-same-store-sales-estimates-11854562

2019-08-29 11:24:38Z
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