Best Buy down after downbeat forecasts on soft demand
Shares of electronics retailer Best Buy BBY.N down ~2% at $85.15 in volatile premarket trading
Co sees comparable sales of flat to 2% growth, compared to estimates of a 1.7% rise - data compiled by LSEG
Says guidance does not include the impact of recently implemented or proposed tariffs
Says consumers are still dealing with high inflation, making them value-focused and thoughtful about big-ticket purchases
Annual profit forecast also largely below estimates, revenue outlook in line with expectations
However, BBY posts surprise rise in Q4 comparable sales, on holiday season-driven demand for its Computing and Mobile Phones segment
Q4 comparable sales rose 0.5%, after 12 consecutive quarters of declines vs. estimates of a 1.33% drop, beats quarterly revenue and profit estimates
BBY rose 9.6% in 2024, and was up 1.1% YTD as of last close
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