Best Buy beats sales estimates as discounts spur demand (updated)

LG DISPLAY

30/08/2022 12:08

(Adds details on results, share movement)
    Aug 30 (Reuters) - Best Buy Co Inc  BBY.N  reported a
smaller-than-expected drop in quarterly comparable sales on
Tuesday as steep discounts helped soften the blow to electronics
demand from rampant inflation.
    The retailer's shares rose about 4% in premarket trading.
    Companies from television panel manufacturer LG Display Co
 034220.KS  to PlayStation maker Sony Corp  6758.T  have warned
of weakening demand in recent weeks as soaring prices of
everyday goods brought an end to the COVID-driven boom in home
electronics demand.  urn:newsml:reuters.com:*:nL1N2Z808P  urn:newsml:reuters.com:*:nL1N2ZA0B1
    That has forced Best Buy, which cuts its full-year sales
forecast in late July, to offer steep discounts on products to
get them off shelves.       
    The company's comparable sales decreased 12.1% in the second
quarter ended July 30, compared with analysts' estimates of a
12.6% fall, according to IBES data from Refinitiv. 
    Best Buy said it expects sales to decline slightly more than
12.1% in the third quarter.
    

 (Reporting by Uday Sampath in Bengaluru; Editing by Sriraj
Kalluvila and Aditya Soni)
 ((UdaySampath.Kumar@thomsonreuters.com; within U.S.+1 646 223
8780; Twitter: https://twitter.com/sampath_uday  ;))