(Boursier.com) — BestBuy, the American giant of the distribution of electronic products, reduced its estimates of annual profits due in particular to the impact of inflation. For the first fiscal quarter ending at the end of April, the retailer posted an 8% decline in like-for-like sales, which is however less pronounced than the 9% decline anticipated by the consensus. Total sales were 10.65 billion, against 11.64 billion consensus. Adjusted earnings per share were $1.57, versus $1.61 consensus. The group is now expecting a drop in annual like-for-like sales of 3 to 6%, against a previous guidance ranging from -1% to -4%. Annual adjusted earnings per share are expected between $8.4 and $9, compared to $8.85 to $9.15 previously.
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