Best Buy reports another quarterly sales decline as shoppers pull back spending on gadgets ...Middle East

NEW YORK (AP) — Best Buy, the nation’s largest consumer electronics chain, on Tuesday reported another quarterly drop in sales as Americans continued to tighten their purse strings on appliances and gadgets to focus on essentials. The Richfield, Minnesota-based retailer lowered its annual sales and profit outlook, sending its shares down 2.6% in premarket trading. The company reported earnings of $273 million, or $1.26 per share, for the quarter ended Nov. 2. That compares with $263 million, or $1.21 per share, a year ago. Sales fell to $9.45 billion from $9.76 billion in the year-ago quarter. Analysts expected earnings of $1.30 per share on sales of $9.63 billion, according to FactSet. Comp

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Best Buy reports another quarterly sales decline as shoppers pull back spending on gadgets ...Middle East

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