HomeIndustriesBest Buy Stock Edges Higher After Smaller-Than-Expected Sales Drop

Best Buy Stock Edges Higher After Smaller-Than-Expected Sales Drop

Shares in U.S. electronics store giant Best Buy rose by 1% during premarket trading on Tuesday. This comes after the company reported a smaller-than-expected decline in quarterly comparable sales.

Best Buy’s comparable sales declined by 6.2% over the course of the second quarter, narrowly outperforming analysts’ estimates of a 6.92% drop, IBES data from Refinitiv showed. Still, this decline was limited as deeper discounts mobilized American consumers to hunt for high-end products such as TVs and laptops due to appealing sales.

The company’s high promotional push comes in an effort to bring consumers back into the market as surging interest rates and a rise in the cost of living. This has largely plummeted the demand for non-essential products such as electronics.

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