Best Buy Keeps Profits Flowing as Demand Crashes
Over the past decade, consumer electronics retailer Best Buy (NYSE: BBY) made some critical changes that have prepared it for the tough environment it now finds itself in. It lowered prices to prevent people from browsing in its stores and buying elsewhere; it slashed costs by removing layers of management and streamlining operations; and it emphasized providing a good customer experience.
Best Buy is now a nimble retailer, and that nimbleness was on display in the first quarter. Demand for nearly everything Best Buy sells is tumbling amid sky-high inflation and an economy that looks headed toward a recession.
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Source Fool.com
