Best Buy (BBY) stock is up 3.3% at $75 in the first half hour of Tuesday's session after the retailer reported better than anticipated sales figures.
posted discouraging quarters and forecast a slowdown in their respective businesses. In both cases, management blamed expanding inflation and injured supply chains for affecting their bottom lines, and both companies said inflation was causing consumers to reduce spending.
Both revenue and same store sales at Best Buy dropped 8.5% YoY, but the market has mostly ignored this since analysts were expecting worse figures andhad already sunk below $70 last week in the wake of the retail sector's major rout caused by Walmart and Target. There always is a benefit to reporting late.. However, this failed to move the stock as a negative outlook is now baked into nearly every retail stock.
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