Consumer
Best Buy Shares Rise Most Since 2022 as Sales Decline Slows
- Home theater, appliances, mobile phones drive fall in sales
- Company expects revenue to stabilize across industry this year
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Best Buy Co. shares rose as the retailer struck a more upbeat tone about reversing a two-year slump amid soft demand for electronics and appliances.
Comparable sales — a key metric for the retail sector — declined 4.8% in the fourth quarter, compared with the average analyst estimate of a 5.3% decrease. Adjusted earnings of $2.72 a share beat expectations. The quarter ran through early February and included the holiday season, retailers’ annual time to shine.