Best Buy Cuts Outlook on ‘Uneven’ Demand Before Black Friday
- Big-ticket items take hit, with appliance sales plummeting
- Sales outlook points to unpredictable holiday season
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Best Buy Co.’s same-store sales fell by more than expected in the third quarter after what the retailer called “uneven consumer demand.” That weakness led the chain to cuts its annual forecast for sales and profitability as the core holiday shopping season kicks off this week with Black Friday.
In a sign of just how unpredictable the holiday shopping season may be, Best Buy said its same-store sales will fall in a range of 3% to 7% in the fourth quarter. November comparable sales so far are down near the bottom of that range, said Matt Bilunas, Best Buy’s chief financial officer, on the earnings call.