Best Buy maintained a dour outlook for consumer electronic sales
for the immediate future, saying on Thursday that it expects
industry-wide sales declines during its second and third quarters
in many categories in which the retailer sells.
Chief Financial Officer Sharon McCollam added that mobile phone
sales are expected to remain soft, as consumers wait for new
product launches.
Considering those factors, the company warned sales at stores
open at least a year should be negative in the low-single digits in
both the second and third quarters.
The company's share price fell about 3% in the premarket.
For its fiscal first quarter, Best Buy said it swung to a
profit, after the retailer's results were dragged down a year
earlier by discontinued European operations.
Same-store sales fell 1.9% in the period, declining 1.3% in the
U.S. and falling 5.8% at international stores.
Write to Ben Fox Rubin at ben.rubin@wsj.com
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