Companies

Best Buy Posts Weak Earnings and Sales as Customers Wait for Deals

The decline in same-store sales follows similar declines in recent quarters led by weak appliance and entertainment sales.
Best Buy Posts Weak Earnings and Sales as Customers Wait for Deals
A Best Buy store in Levittown, New York, on Sept. 15, 2022. Bruce Bennett/Getty Images
Panos Mourdoukoutas
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Big-box retailer Best Buy posted weak earnings and sales in the fourth quarter of 2024 as competition in the retail industry intensifies and customers shop around for deals.

On the morning of Nov. 26, the company reported third-quarter financial results for fiscal year 2024 that missed the mark across the board: Comparable store sales dropped by 2.9 percent, versus expectations of a 0.92 percent decline, while earnings came at $1.26 per share, below the analysts’ expectations of $1.29.
Panos Mourdoukoutas
Panos Mourdoukoutas
Author
Panos Mourdoukoutas is a professor of economics at Long Island University in New York City. He also teaches security analysis at Columbia University. He’s been published in professional journals and magazines, including Forbes, Investopedia, Barron's, IBT, and Journal of Financial Research. He’s also the author of many books, including “Business Strategy in a Semiglobal Economy” and “China's Challenge.”