Best Buy Co Inc reported a smaller-than-expected rise in quarterly same-store sales on Thursday, as the biggest U.S. consumer electronics retailer sold fewer video game consoles and other entertainment products.
REUTERS: Best Buy Co Inc reported a smaller-than-expected rise in quarterly same-store sales on Thursday, as the biggest U.S. consumer electronics retailer sold fewer video game consoles and other entertainment products.
Best Buy's overall same-store sales 1.6per cent in the second quarter ended Aug. 3. Analysts on average had expected a 2.15per cent increase, according to IBES data from Refinitiv.
Revenue rose to US$9.54 billion from US$9.38 billion, a touch below expectations of US$9.56 billion.
The company also narrowed its full year sales forecast to a range of US$43.1 billion to US$43.6 billion, from a US$42.9 billion to US$43.9 billion range, citing planned further increases in U.S. tariffs on Chinese goods.
(Reporting by Uday Sampath in Bengaluru; Editing by Tomasz Janowski)
https://www.channelnewsasia.com/news/business/best-buy-misses-quarterly-same-store-sales-estimates-11854562
2019-08-29 11:24:38Z
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