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The retailer’s shares rose about 4% in premarket trading.
Companies from television panel manufacturer LG Display (NYSE:LPL) Co to PlayStation maker Sony Corp (TYO:6758) have warned of weakening demand in recent weeks as soaring prices of everyday goods brought an end to the COVID-driven boom in home electronics demand. That has forced Best Buy, which cuts its full-year sales forecast in late July, to offer steep discounts on products to get them off shelves.
The company’s comparable sales decreased 12.1% in the second quarter ended July 30, compared with analysts’ estimates of a 12.6% fall, according to IBES data from Refinitiv.
Best Buy said it expects sales to decline slightly more than 12.1% in the third quarter.
