Scalper1 News
Consumer electronics retailer Best Buy (BBY) is forecasting a weak holiday shopping season, with comparable store sales falling in the low single digits year over year. The Richfield, Minn.-based company made its forecast Tuesday when it delivered mixed fiscal second-quarter results that beat Wall Street’s target for earnings but missed on sales. Best Buy was down 5% in morning trading in the stock market today, near 30.50. Best Buy earned 44 cents a share excluding items, up 38% from the year-earlier quarter and topping the consensus estimate of 31 cents among analysts polled by Thomson Reuters. The company’s aggressive cost-cutting moves boosted its earnings in the quarter ended Aug. 3. Sales fell 4% to $8.9 billion vs. analyst expectations for $9 billion. Same-store sales fell 2% in the U.S. and 2.7% overall. “The theme of this release is pretty consistent with the narrative from the last few quarters… Scalper1 News
Scalper1 News