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Best Buy Set For Tenth Straight Quarter of Sales Drop

An anonymous reader quotes a report from Reuters: Best Buy is set to post its tenth consecutive quarter of sales decline on Thursday when the U.S. electronics retailer reports quarterly results, as spending on big-ticket electronics remains pressured despite easing inflation. Although results from b...

UPDATE 5/30/24: Best Buy's quarterly profit exceeded Wall Street estimates due to improved demand in its computing category, cost-saving efforts, and a successful membership program, leading to a 10% rise in shares. "Demand for artificial intelligence-enabled laptops as well as higher-end televisions is helping Best Buy regain lost ground on sales in the country as consumers look to upgrade or replace their gadgets after more than two years of restraint on spending on electronics," reports Reuters. The company has also benefited from people signing up for its two-tiered membership program, which it refreshed last year, helping the top electronics retailer in the United States retain shoppers and drive better margins."

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