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Best Buy reports another quarterly sales decline
The company said that sales of appliances, home theater and gaming declined. That was partially offset by growth in the computing, tablets and services categories.
NEW YORK — Best Buy, the nation’s largest consumer electronics chain, on Tuesday reported another quarterly drop in sales as Americans continued to tighten their purse strings on appliances and gadgets to focus on essentials.
The Richfield, Minnesota-based retailer lowered its annual sales and profit outlook, sending its shares down 2.6% in premarket trading.
The company reported earnings of $273 million, or $1.26 per share, for the quarter ended Nov. 2. That compares with $263 million, or $1.21 per share, a year ago.
Sales fell to $9.45 billion from $9.76 billion in the year-ago quarter.
Analysts expected earnings of $1.30 per share on sales of $9.63 billion, according to FactSet.
Comparable sales — from online channels and physical stores — fell 2.9% in the quarter.
The company said that sales of appliances, home theater and gaming declined. That was partially offset by growth in the computing, tablets and services categories.
“During the second half of the quarter, a combination of the ongoing macro uncertainty, customers waiting for deals and sales events, and distraction during the run-up to the election, particularly in non-essential categories, led to softer-than-expected demand,” Best Buy’s CEO Corie Barry said in a statement.
However, Barry said that in the first few weeks of the fourth quarter, Best Buy has seen customer demand increase again as holiday sales have begun and the election is behind.
For Best Buy, the latest trends are a reversal from the height of the pandemic, when its sales were fueled by outsized spending from people splurging on electronics to help them work from home, or to get their children better equipped for virtual learning. Government stimulus checks also fueled spending.
To perk up sales, Best Buy has been modernizing its stores to entice shoppers and focus on its paid membership services. The company has been also reducing its layers of management and reinvesting in more labor at its stores to help shoppers.
Best Buy now expects annual sales in the range of $41.1 billion to $41.5 billion, down from prior guidance of $41.3 billion to $41.9 billion. Analysts anticipated $41.54 billion, according to FactSet analysts.
It now expects earnings per share to be in the range of $6.10 to $6.25, which compares to prior guidance of $6.10 to $6.35. Analysts expected $6.26 per share.
The attack left a 17-year-old employee with a 2- to 3-inch laceration to the back of her neck.
CARVER, Minn. — Editor’s note: The video above first aired on KARE 11 on Nov. 25, 2024.
A Kansas City man is being held in the Carver County Jail on assault charges after prosecutors alleged he critically injured a teenage Fleet Farm employee.
The criminal complaint filed Tuesday showed 31-year-old Gerald Hudson was charged with first- and second-degree assault, for the attack that left the 17-year-old employee with a 2- to 3-inch laceration to the back of her neck. Court documents said the alleged assault occurred inside the company’s Carver location just after 2 p.m. Sunday.
According to prosecutors, surveillance video showed Hudson entering the store before walking past the teen and to the end of an aisle. Authorities claimed Hudson looked right and then left before turning around and making a “striking movement” toward the teen, who was then seen on video holding the back of her neck and running from the area.
A witness told police they heard the teen yell, “he just stabbed me,” and saw the suspect, now identified as Hudson, run outside to the parking lot and drive away.
The complaint said Hudson was arrested in Chanhassen and brought in for questioning, where authorities claim he made a number of voluntary statements, including, “I didn’t stab anyone, I didn’t have any guns or anything like that, I just hit someone with a thing.”
The teen, prosecutors said, was taken to HCMC for treatment and her last known condition was critical but stable.
At the time of the filing, prosecutors said a potential weapon had still not been located.
A judge set bail for Hudson on Tuesday and scheduled his next court appearance for Dec. 13.
The Minneapolis Police Department said the shooting happened just before noon at a Lowry Avenue gas station on the city’s north side.
MINNEAPOLIS — A 23-year-old man is dead after being shot Monday outside a Minneapolis gas station.
The Minneapolis Police Department said the shooting happened just before noon at a Lowry Avenue gas station on the city’s north side.
Police said their investigation suggests the victim was outside the store when he was approached by another man, who they said pulled out a gun and shot the victim before fleeing from the area.
MPD said the man who was shot was transported to North Memorial Medical Center, where he died from his injuries. He has not yet been identified.
If you have any information about the incident, police ask you call CrimeStoppers at 800-222-8477 or online at crimestoppersmn.org.
The Pine County Sheriff’s Office said the trailer was dumped near Beroun Crossing Road and Sand Hill Crane Lane, just north of Pine City.
PINE COUNTY, Minn. — Eastern Minnesota authorities kindly request you come pick up your trailer home if you somehow lost it in rural Pine County.
A post on the Pine County Sheriff’s Office Facebook page Monday said the trailer was dumped near Beroun Crossing Road and Sand Hill Crane Lane, just north of Pine City. Later, an update revealed that the trailer’s owner had been identified, but so far, calls from the office have gone unanswered.
“We have located the owner of this trailer,” the post read. “We have tried to call them and there was no answer, but we did leave a message. We sure hope that they call back before we have to send our reports to the County Attorney for possible charges.”
******We have located the owner of this trailer. We have tried to call them and there was no answer, but we did leave a…
Posted by Pine County Sheriff’s Office on Monday, November 25, 2024
At this point, it’s unclear what those charges could be, but what is clear, is that someone really didn’t want to deal with this mobile home.
The sheriff’s office asks anyone with information to contact them at 320-629-8380.
