Best Buy beats sales estimates as
discounts spur demand
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[August 30, 2022]
(Reuters) - Best Buy Co Inc reported
a smaller-than-expected drop in quarterly comparable sales on Tuesday as
steep discounts helped soften the blow to electronics demand from
rampant inflation. |
![](../images/083022PIX/busine57.jpg)
People walk past a Best Buy store in
Manhattan, New York City, U.S., November 22, 2021. REUTERS/Andrew
Kelly/File Photo |
The
retailer's shares rose about 4% in premarket trading.
Companies from television panel manufacturer LG Display Co to
PlayStation maker Sony Corp have warned of weakening demand in
recent weeks as soaring prices of everyday goods brought an end
to the COVID-driven boom in home electronics demand. That has
forced Best Buy, which cuts its full-year sales forecast in late
July, to offer steep discounts on products to get them off
shelves.
The company's comparable sales decreased 12.1% in the second
quarter ended July 30, compared with analysts' estimates of a
12.6% fall, according to IBES data from Refinitiv.
Best Buy said it expects sales to decline slightly more than
12.1% in the third quarter.
(Reporting by Uday Sampath in Bengaluru; Editing by Sriraj
Kalluvila and Aditya Soni)
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