Best Buy Exceeds Expectations Despite Revenue Decline, Plans Strategic Shifts

The electronics retailer announces store closures and layoffs, focusing on AI and future growth opportunities.

Best Buy reported a slight decline in fourth-quarter revenues but exceeded Wall Street expectations, with a notable drop in earnings.
The company plans to close 10 to 15 stores and implement layoffs as part of a restructuring initiative aimed at focusing on growth areas like AI.
Best Buy's management remains optimistic about the future, citing the potential for increased sales due to the upcoming Olympics and the introduction of new AI-related products.
For fiscal 2025, Best Buy forecasts revenues between $41.3 billion and $42.6 billion, with comparable sales ranging from -3.0% to flat.
Shares of Best Buy rose following the earnings report, reflecting investor confidence despite the challenges faced by the consumer electronics sector.