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The
company's shares, down nearly 15% this year, fell 2.4% in
premarket trading after a miss on third-quarter revenue
estimates.
Elevated interest rates, a spending shift to services from goods
and a resumption in student loan repayments have further
strained appetite for electronics and home office products after
a pandemic-led surge.
"In the more recent macro environment, consumer demand has been
even more uneven and difficult to predict," CEO Corie Barry said
in a statement.
The top U.S. electronics retailer now expects annual comparable
sales to decline in the range of 6.0% to 7.5%, compared with its
prior range of a 4.5% to 6.0% drop.
Total revenue fell to $9.76 billion in the third quarter ended
Oct. 28 from about $10.59 billion a year earlier and compared
with LSEG estimates of $9.90 billion.
(Reporting by Savyata Mishra in Bengaluru; Editing by Sriraj
Kalluvila)
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