Mayfair International Capital - Outlook After Cut Best Buy Shares Fall on 'Uneven' Demand

KOWLOON, Hong Kong - Nov. 22, 2023 - PRLog -- Best Buy's third-quarter fiscal 2024 revenue fell 7.8% year on year to $9.76 billion, falling short of expectations. The profit of $1.29 per share surpassed expectations.

The company forecasts full-year revenue to range between $4.31 billion and $4.37 billion, with comparable store sales decreasing 6% to 7.5%. This compared to its previous forecast of $4.38 billion to $4.45 billion in revenue and a 4.5% to 6% decline in comparable store sales. It forecasts earnings per share (EPS) of $6 to $6.20, up from $6 to $6.30 before.

According to CEO Corie Barry, given the recent macroeconomic context, "consumer demand has been more uneven and difficult to predict." She went on to say that during the next important Christmas shopping season, Best Buy is ready for "a customer who is very deal driven," and that the firm would need to deliver "promotions and deals for all budgets."

Best Buy shares plummeted about 2% in early trade Tuesday and have lost over 20% of their value this year.

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