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.
“Macro conditions worsened since we provided our guidance in early March, including higher inflation and the war in Ukraine, which resulted in our sales being slightly lower than our expectations and supply-chain costs a little higher than we planned,” said Best Buy CEO Corie Barry during a call with analysts Tuesday.
