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Best Buy cuts annual profit, sales forecasts on tepid holiday demand
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Best Buy cuts annual profit, sales forecasts on tepid holiday demand
Nov 26, 2024 4:35 AM

Nov 26 (Reuters) - Best Buy ( BBY ) cut its annual

profit and sales forecast on Tuesday, in a sign that the holiday

shopping season would be marked by aggressive discounts and

tepid demand for pricey electronics such as televisions and home

theater systems.

The U.S. electronics retailer now expects annual comparable

sales to decline between 2.5% and 3.5%, compared with its

earlier forecast of a decline between 1.5% and 3%.

Best Buy ( BBY ) expects annual adjusted profit per share of $6.10

to $6.25, compared with earlier target of $6.10 to $6.35.

(Reporting by Juveria Tabassum; Editing by Sriraj Kalluvila)

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