Best Buy Stock Is Sinking After Earnings. Here's Why

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Best Buy Stock Is Sinking After Earnings. Here's Why

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Published in Stocks and Investing on Tuesday, November 26th 2024 at 11:08 GMT by Thomas Matters
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Best Buy is one of the worst S&P 500 stocks Tuesday after the retailer missed quarterly earnings expectations and slashed its full-year forecast.

Best Buy's stock experienced a significant decline after its fiscal first-quarter earnings report, which showed a 6.5% drop in same-store sales and a 13% decrease in enterprise revenue, both figures underperforming compared to Wall Street expectations. Despite these declines, Best Buy managed to exceed earnings per share forecasts, reporting $1.15 against the expected $1.11. The company attributed the sales drop to a challenging economic environment, including high inflation and reduced consumer spending on discretionary items. CEO Corie Barry highlighted ongoing efforts to adapt to these conditions through cost-cutting measures and enhancing the company's omnichannel strategy. However, the stock fell nearly 10% in premarket trading following the announcement, reflecting investor concerns over the company's near-term outlook amidst economic uncertainties.

Read the Full Kiplinger Article at [ https://www.kiplinger.com/investing/stocks/best-buy-bby-stock-is-sinking-after-earnings-heres-why ]