Best Buy Set For Tenth Straight Quarter of Sales Drop

An anonymous reader quotes a report from Reuters: Best Buy is set to post its tenth consecutive quarter of sales decline on Thursday when the U.S. electronics retailer reports quarterly results, as spending on big-ticket electronics remains pressured despite easing inflation. Although results from big-box retailers Walmart and Target indicate that consumers have resumed spending on less-expensive discretionary items such as apparel and accessories, they are still hesitant to go for TVs and washing machines. UPDATE 5/30/24: Best Buy's quarterly profit exceeded Wall Street estimates due to improved demand in its computing category, cost-saving efforts, and a successful membership program, leading to a 10% rise in shares. "Demand for artificial intelligence-enabled laptops as well as higher-end televisions is helping Best Buy regain lost ground on sales in the country as consumers look to upgrade or replace their gadgets after more than two years of restraint on spending on electronics," reports Reuters. "The company is also banking on the launch of Microsoft's AI-powered Copilot+ PCs, which are expected to go on sale on June 18." "Best Buy CEO Corie Barry said on a post-earnings call that the company expects to have more than 40% of the product assortment at launch exclusive to the company. The company has also benefited from people signing up for its two-tiered membership program, which it refreshed last year, helping the top electronics retailer in the United States retain shoppers and drive better margins."

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