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The
company's shares slipped 1.6%, despite a beat on holiday quarter
revenue and profit estimates as steep discounts attracted
inflation-weary shoppers to its stores.
"As we enter FY24, the consumer electronics industry continues
to feel the effects of the broader macro environment and its
impact on consumers," Best Buy's Chief Financial Officer Matt
Bilunas said in a statement.
The company expects fiscal 2024 adjusted earnings per share of
$5.70 to $6.50, below analysts' estimates of $6.71, according to
IBES data from Refinitiv.
It forecast full-year comparable sales to fall 3% to 6%,
compared to analysts' estimates of a 1.9% decline.
Walmart, Target Corp and other retailers have also issued
conservative forecasts as still high U.S. consumer prices have
raised fears that the Federal Reserve could further lift
borrowing costs to cool demand.
On an adjusted basis, Best Buy earned $2.61 per share in the
fourth quarter ended Jan. 28, beating analysts' estimates of
$2.11, according to IBES data from Refinitiv.
Total revenue fell about 10% to $14.74 billion, but edged past
estimates of $14.72 billion.
(Reporting by Uday Sampath in Bengaluru; Editing by Anil D'Silva
and Sriraj Kalluvila)
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