Best Buy reports lower 4Q sales and profits as shoppers remain cautious
Best Buy reported lower fourth-quarter sales and net income as shoppers remain cautious about spending on gadgets
NEW YORK (AP) — Best Buy reported on Thursday a drop in fourth-quarter sales and profits as shoppers remain cautious about spending on consumer electronics.
Results at the nation's largest consumer electronics chain's were below Wall Street views, but sales beat analysts' expectations. Best Buy also issued guidance for annual sales and profits that were in line with Wall Street views.
Shares rose more than 3% in premarket trading.
The job market has remained resilient, but Americans are facing higher prices on many necessities like rent and certain foods, even as the inflation rate is easing overall. And it's still costing more to take out loans for appliances, cars and houses, or to use a credit card. As a result, consumers have become cautious about spending.
