Best Buy cuts guidance after softer pre-festive sales
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Best Buy Co Inc (NYSE:BBY) shares fell 2% pre-market after the company reduced its full-year sales guidance due to weaker third-quarter sales. The new guidance predicts a 2.5% to 3.5% decline in comparable sales, compared to the previous forecast of a 1.5% to 3.0% drop.
November 26, 2024 | 2:30 pm
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Best Buy's shares fell 2% pre-market after the company cut its full-year sales guidance due to weaker third-quarter sales. The new guidance predicts a 2.5% to 3.5% decline in comparable sales.
The reduction in sales guidance indicates weaker-than-expected performance, which is likely to negatively impact investor sentiment and the stock price in the short term. The pre-market drop of 2% reflects this sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100