HomeInvesting VideosBest Buy Q2 Sales Drop as Inflation Concerns Hurt Sales

Best Buy Q2 Sales Drop as Inflation Concerns Hurt Sales

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Best Buy (NYSE:BBY) just reported earnings. They did $1.54 EPS versus a $1.27 estimated on revenue of $10.33 billion versus $10.24 billion estimated.

The company also declared a $0.88 quarterly dividend.

That’s a double beat.

And Q2 same-store sales, including domestic and international stores, were down 12.1% versus the down 12.9% estimate.

And according to Best Buy’s (NYSE:BBY) CFO, they’re looking to be down about 11% for full-year 2023 when it comes to comparable store sales.

The company’s CEO Corie Barry also acknowledged that the economic backdown has been choppy.

“We are clearly operating in an uneven sales environment,” she said

Best Buy Still Struggling With Supply Chain Issues

And guess what guys? Like a lot of companies, Best Buy (NYSE:BBY) is also struggling with their gross margin. Last year, it was right around 23.7%, and this year for the quarter reported, it was 22%.

And according to them and a lot of companies, this is mostly due to the supply chain issues going on. And taking a look at the stock, it is up about 3% when I’m filming this video and we can see it’s about to test 80 bucks a share.

If that point is able to break, maybe we will continue to see some upside here on the short term.

Follow along for more.

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