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The company’s shares fell 1.9% to $80.99 in premarket trading.
Higher U.S. consumer prices have raised fears that the U.S. Federal Reserve could further lift borrowing costs to cool demand, prompting Walmart (NYSE:WMT), Target Corp (NYSE:TGT) and other retailers to issue conservative forecasts.
Best Buy said it expects fiscal 2024 adjusted earnings per share of $5.70 to $6.50, compared with analysts’ estimates of $6.71, according to IBES data from Refinitiv.
Comparable sales decreased 9.3% in the fourth quarter ended Jan. 28, compared with analysts’ estimates of a 9.2% fall.
