Best Buy cuts forecast, shares drop
) tumbled more than 7% in pre-market trading on Tuesday after the electronics retailer reported disappointing third-quarter results and cut its full-year sales outlook, signaling weaker consumer demand ahead of the crucial holiday season.
In its updated full-year guidance, Best Buy revised its comparable sales forecast to a decline of 2.5% to 3.5%, compared to its earlier projection of a 1.5% to 3.0% drop. Despite facing challenges, Best Buy reported a stronger gross profit margin, increasing it to 23.6% from 22.9%.However, those positives were tempered by higher costs, particularly in international operations where the company has been expanding its Best Buy Express locations in Canada.
The company maintained its non-GAAP operating income rate guidance at 4.1% to 4.2%, reflecting slight expansion compared to FY24. Additionally, Best Buy expects a non-GAAP effective income tax rate of about 23.5%, slightly reduced from the previous guidance of 24%.
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