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.

The post Best Buy Stock Edges Higher After Smaller-Than-Expected Sales Drop appeared first on theprimarymarket.com.

According to WSJ’s report, Best Buy made the decision to cut costs but also as part of its strategy to shift to an e-commerce type of business. The retailer experienced a decline in store sales since the end of the pandemic, with more consumers deciding to do their shopping online. 

As part of job cuts, the company has eliminated some roles completely, including “consultants” who were tasked with helping customers with the purchases of more complex electronic products.

WSJ estimates that several hundreds of workers are out of the job at Best Buy, but the exact number is still unknown. Employees affected by the decision can reportedly apply for open positions with the company or opt to receive a severance payment.

“We’re evolving our stores and the experiences we offer to better reflect the changes in customer shopping behavior, as well as how we organize our teams to ensure we continue to provide our expertise, products, and services in the best way possible,” a spokeswoman for Best Buy told WSJ when reached for comment.

The post Best Buy Lays Off Hundreds of Employees As Part of E-Commerce Shift appeared first on theprimarymarket.com.

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.

The post Best Buy Stock Edges Higher After Smaller-Than-Expected Sales Drop appeared first on theprimarymarket.com.

According to WSJ’s report, Best Buy made the decision to cut costs but also as part of its strategy to shift to an e-commerce type of business. The retailer experienced a decline in store sales since the end of the pandemic, with more consumers deciding to do their shopping online. 

As part of job cuts, the company has eliminated some roles completely, including “consultants” who were tasked with helping customers with the purchases of more complex electronic products.

WSJ estimates that several hundreds of workers are out of the job at Best Buy, but the exact number is still unknown. Employees affected by the decision can reportedly apply for open positions with the company or opt to receive a severance payment.

“We’re evolving our stores and the experiences we offer to better reflect the changes in customer shopping behavior, as well as how we organize our teams to ensure we continue to provide our expertise, products, and services in the best way possible,” a spokeswoman for Best Buy told WSJ when reached for comment.

The post Best Buy Lays Off Hundreds of Employees As Part of E-Commerce Shift appeared first on theprimarymarket.com.