Best Buy lowers revenue guidance as Consumers Are Expected to Cut Back On Holiday Shopping

Best Buy beat earnings estimates but missed on revenue expectations for its fiscal third quarter. The electronic retail giant lowered its full-year revenue guidance to $43.1-$43.7 billion. It also lowered the high end of its profit guidance and now expects EPS between $6-$6.30. Comparable sales fell 6.9% overall and 7.3% in the US as demand for electronics like appliances, computers and phones declined, while Best Buy saw sales growth in gaming products. While demand softened, Best Buy improved profitability through its membership program, favorable product margins and lower supply chain costs. Shares of BBY fell over 15% year-to-date.