Is It Time to Buy Best Buy Stock?
Shares of consumer electronics retailer Best Buy (NYSE: BBY) are down about 45% from their pandemic-era high. There's a good reason. Demand for much of what the company sells has tumbled in the post-pandemic economy.
Best Buy's results for the second quarter, which ended on July 29, were a bit better than what analysts were expecting. Revenue was down 7.2% year over year, driven by a comparable sales decline of 6.2%. Sales were weak in Best Buy's stores and online, with domestic online sales down 7.1%.
In the domestic segment, computing and mobile phone comparable sales slumped 6.4%, while consumer electronics comparable sales dropped 5.7%. Appliance sales fared the worst, not too surprising given the state of the housing market, with a 16.1% comparable sales decline.
Source Fool.com
