Best Buy reports Q2 sales drop amid cautious consumer spending, but exceeds EPS expectations and raises FY 2025 outlook.

Best Buy, the largest US consumer electronics chain, reported a drop in Q2 sales due to cautious consumer spending on appliances and gadgets. The company's business is showing signs of stabilizing, with consumers focusing on essentials rather than discretionary purchases. Best Buy's Q2 adjusted EPS were $1.34, exceeding analysts' expectations, and the company raised its FY 2025 adjusted EPS outlook to $6.10-6.35.

August 29, 2024
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