Best Buy Downgrades Q2 Guidance on Deteriorating Consumer Demand
Best Buy updated its comparable-sales guidance Wednesday for fiscal Q2 ending Aug. 1, saying it now expects a 13% decline vs. 19.6% sales growth in the year-earlier quarter. In May, Chief Financial Officer Matt Bilunas said the retailer expected Q2…
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comp sales to be "very similar" to the 8.5% Q1 comp sales decline. CEO Corie Barry noted Wednesday that the retailer expected FY 2023 financial results to be “softer than last year as we lap government stimulus support and unusually strong consumer electronics industry demand.” As high inflation has continued “and consumer sentiment has deteriorated, customer demand within the consumer electronics industry has softened even further, leading to Q2 financial results below the expectations we shared in May," she said. Best Buy “remains committed to its quarterly dividend of $0.88 per share” but has paused share repurchases. The company reports Q2 results Aug. 30.