Best Buy has become the latest big-name retailer to badly overestimate consumer demand as recession fears mount and shoppers pullback on discretionary purchases.
The electronics retailer slashed both its second-quarter and full-year financial forecasts late Wednesday, sending shares lower by 4% in after-hours trading.
Best Buy’s downward revisions are tough on the eye to say the very least:
-
2Q Same-Store Sales: -13% (previous: about -8%)
-
2Q Operating Margin: 3.7% (vs. 6.9% in second quarter of…
Source link
