Best Buy: stock slips after quarterly results

(CercleFinance.com) - Best Buy is down 0.
8% in early trading on Wall Street on Thursday, following the consumer electronics retailer's publication of adjusted quarterly EPS that is down one third at 67 cents, with its adjusted operating margin down 0.9 point to 2.9%.

The Minneapolis-based group saw revenues decline 6.3% to 8.56 billion dollars. On a like-for-like basis, revenues fell by 5.3%, despite a 155% leap in online sales in the US, against the backdrop of the Covid-19 pandemic.

Best Buy says that it suspended its full-year on 21 March, and is still unable to provide an outlook given uncertainties surrounding the health crisis.


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