Best Buy Cuts Sales Forecast Amid Declining Q3 Revenue

CEO cites unpredictable consumer demand and shift in spending habits as key factors

Best Buy's third-quarter revenue fell 8.2% to $9 billion in the U.S., missing estimates and marking an eighth straight quarterly fall in comparable sales.
CEO Corie Barry cited 'difficult to predict' consumer demand and a shift in spending from goods to services as contributing factors.
Best Buy cut its annual comparable sales forecast to a range of 6.0% to 7.5% decline, down from a prior range of 4.5% to 6.0% fall.
Despite better-than-expected profits, the company's shares fell in early trading, continuing a downward trend for the year.
Best Buy is preparing for a holiday season with 'deal-focused' consumers, planning promotions to remain price competitive.