Best Buy CEO Corie Barry repeats, again, her call that tech demand will bottom this year.
““We continue to expect that this year will be the low point in tech demand after two years of sales declines.””
But even as Corie continued to back the call she made in May, after fiscal first-quarter results; and in March, after fourth-quarter results, Best Buy still trimmed its full-year outlook for revenue. The midpoint of the new guidance range — $44.15 billion — implies a 4.6% drop from a year ago and is below the current FactSet consensus of $44.25 billion.
“Our industry continues to experience lower consumer demand due to the pandemic pull forward of tech purchases and the shift back into services spend outside the home, like travel and entertainment,” Barry said. “In addition, of course, persistent inflation has impacted spending decisions for a substantial part of the population.”
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