(CercleFinance.com) – Best Buy, the leading American consumer electronics brand, announced on Tuesday a downward revision of its objectives for the 2023/2024 financial year, which caused its stock to fall on Wall Street.
The Minneapolis group reduced its annual revenue forecast, now expecting $43.1 billion to $43.7 billion for the fiscal year ending at the end of January, compared to $43.8 billion to $44.5 billion forecast. so far.
Its sales on a comparable basis are expected to fall by 6% to 7.5% over the financial year, compared with a previous forecast which ranged from -4.5% to -6%.
Corie Barry, its chief executive, says consumer demand has become even more ‘uneven and difficult to predict’ in the recent economic environment.
Earnings per share (EPS) excluding exceptional items should be between six and $6.30, and not between six and $6.40 as initially envisaged.
In the quarter ended at the end of October, its sales on a comparable basis fell by 6.9%, a performance below the company’s objectives, for an EPS excluding exceptional items of 1.21 dollars, compared to 1.22 dollars a year earlier. early.
Following these announcements, Best Buy shares lost 2.8% on Tuesday morning, thus suffering one of the biggest drops in the S&P 500 index in early trading.
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