Best Buy Posts Drop in Sales as Shoppers Pull Back on Electronics

Best Buy revenue and gross sales dropped in the newest quarter, as spending on computer systems and different residence electronics dried up in contrast with earlier in the pandemic, and discounts across the industry ate into income.

Comparable gross sales, these from shops and digital channels working for not less than 12 months, fell 12.1% in the quarter ended July 30 in contrast with the identical interval final 12 months. Sales declined in virtually all product classes, with the most important drops in computing and residential theater, the corporate stated.