Best Buy on Wednesday joined other retailers in lowering its guidance in key metrics, saying that demand for electronics has tempered. The retailer now expects Q2 comp sales to fall about 13%, versus 19.6% comp growth a year ago, and for the operating income rate to be about 3.7%, per a company press release.
In May, Chief Financial Officer Matt Bilunas had said that while the retailer was no longer providing quarterly guidance, its expectations for Q2 at that time were in line with its Q1 results of an 8% comp decline and a nearly 40% operating income decline.
For the year, the company expects about an 11% comp sales decline, steeper than its previous expectation for a 3% to 6% decline, and about a 4% operating income decline, a recovery from its previous estimate for a 5.2% to 5.4% decline.
Source: Retail Dive
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