The electronic kimono company Best Buy shatters the analysts’ forecast with a profit of $1.38 per share compared to an expectation of $1.03 per share.
Best Buy’s revenues amounted to 10.59 billion dollars compared to expectations of 10.31 billion dollars.
But if we look at the annual rate, the profit decreases by 34% and revenues decrease by 11%.
CEO Cory Barry expressed optimism about the holiday shopping season starting this month.
Corey says: “We strategically and efficiently managed our inventory flow based on a shopping pattern that we believe looks more similar to historical holiday periods, when customers’ shopping activity was concentrated during the week of Black Friday, Cyber Monday and the two weeks before December 25.”
Best Buy, which trades at a value of 16 billion dollars, has dropped by 24% since the beginning of the year.
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