Best Buy Posts Drop in Sales as Shoppers Pull Back on Electronics

by | Aug 30, 2022 | Business

Best Buy profit and sales dropped in the latest quarter, as spending on computers and other home electronics dried up compared with earlier in the pandemic, and discounts across the industry ate into profits. Comparable sales, those from stores and digital channels operating for at least 12 months, fell 12.1% in the quarter ended July 30 compared with the same period last year. Sales declined in almost all product categories, with the biggest drops in computing and home theater, the company said.

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