Electronics retailer Best Buy reported falling sales and profits for the latest quarter and said its results for the current fiscal year will be worse than it had previously predicted amid increased promotions and higher supply-chain expenses.
CEO Corie Barry said the company expects lower sales this year than it did in March as people shift spending to travel or cut back because of inflationary pressures. “It’s fair to say that we’re factoring in elements of softer demand, but we are not planning for a full recession,” Ms. Barry said during a call with analysts Tuesday.
