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Best Buy warns of continued pressure on consumers
(Sharecast News) - Retailer Best Buy traded lower in pre-market after its warning that continued pressure on consumers was expected to hurt sales saw investors ignore Q4 revenues that came in ahead of expectations. Best Buy said Q4 revenues had fallen from $14.64bn to $13.94bn, ahead of expectations for a bigger drop to $13.68bn, while same-store sales rose 0.5% when analysts were expecting to see a 1.5% year-on-year decline.
Net income fell from $460.0m to $117.0m in Q4, principally due to a $2.02 per share impairment charge to Best Buy Health as a result of downward revisions in the unit's long-term financial projections. Domestic revenue fell to $12.72bn, down from $13.41bn a year earlier, while international revenue slipped to $1.23bn from $1.24bn.
As far as the new year was concerned, Best Buy expects same-store sales to be slightly lower year-on-year and below the mid-point of consensus estimates for an increase 1.5% as it warned shoppers will likely remain constrained by inflation in 2025.
As of 1310 GMT, Best Buy shares were down 0.85% in pre-market trading at $86.00 each.
Reporting by Iain Gilbert at Sharecast.com
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