Skip to content
Business

Best Buy Tops Profit Estimates Despite Ongoing Sales Slump

  • CEO sees this year as bottom of the decline in tech demand
  • Shoppers still cautious on purchases of discretionary goods
A Best Buy store in the Brooklyn borough of New York, US.

A Best Buy store in the Brooklyn borough of New York, US.

Photographer: Bing Guan/Bloomberg
By

Updated on

Best Buy Co. is betting that a long sales slump in consumer electronics and household appliances will start to ease later this year. 

The gadget retailer’s first-quarter profit exceeded estimates and it stood by its annual financial forecasts on Thursday, reiterating that comparable sales will fall by no more than 6% this year. That implies shallower declines in the second half of the year after a 10% plunge in the first quarter and a second-quarter drop of as much as 8%.