Best Buy ‘Not Planning for Full Recession’ Despite Slower Consumer Demand, Declining Sales

The Best Buy logo is seen at a store in the Manhattan borough of New York City on Nov. 22, 2021. Andrew Kelly/Reuters

The CEO of Best Buy Co. Inc. said on May 24 that the company is “not planning for a full recession,” but acknowledged that tough times lie ahead with regard to slower consumer sales.

“I think I want to start with a reminder that this is a very stable industry,” CEO Corie Barry said on an earnings call on May 24. “Consumer electronics, over time, is a stable industry. And the last two years have clearly underscored the importance of tech in people’s lives.”