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The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.95 per share. The results beat Wall Street expectations. Earnings, adjusted for amortization costs and costs related to mergers and acquisitions, were $2.08 per share.
The company reported third-quarter earnings of $499 million, or $2 per share. “Relative to last year, when consumers were still adapting to working and learning at home, there just isn’t the impetus in computing that there once was,” said Neil Saunders, managing director at GlobalData Retail.Īppliances remained strong, up 10.9% for the quarter on top of a 39.3% increase in the year-ago period as shoppers continue to renovate their homes. Computing and tablet sales account for about 45% of the company’s domestic revenue mix.
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On Monday night, a group of thieves smashed windows at a Nordstrom store in an upscale mall in Los Angeles.īest Buy is also facing a slowdown in computing sales from a year ago when locked-down consumers were adapting to working and learning from home. Barry told reporters during a separate call that the company is seeing organized theft increase across the country, but particularly in San Francisco.īest Buy is one of a number of retailers calling out increased incidents in organized crime. She noted that the company is hiring security guards and working with its vendors on creative ways to stage the product. “This is a real issue that hurts and scares real people.” “We are definitely seeing more and more particularly organized retail crime and incidents of shrink in our locations,” Best Buy CEO Corie Barry told analysts during a conference call. The stock decline came even as Best Buy’s overall third-quarter results beat Wall Street estimates. Shares were down more than 16%, or $22.17 per share to reach $115. The company also offered a muted forecast for a key sales metric for the holiday fourth quarter amid supply constraints that are bedeviling the entire retail industry. Plus, find out how you can control other smart home devices using just your voice.NEW YORK (AP) - Best Buy Co.’s shares tumbled Tuesday after the nation’s largest consumer electronics chain posted a decline in gross profit margin for the fiscal third quarter, citing organized theft and increased promotions compared to a year ago. Meet Alexa, the voice assistant that can play music, make calls, answer questions, check traffic and weather, and more. Participating stores may have additional requirements.ĭiscover how you can use Google Home voice assistants and the dozens of products that work with them to get answers, play music, and control smart devices around the house, using only your voice.
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Most stores offer Trade-In on eligible items including mobile phones, tablets, other hardware, and video game software purchased anywhere. Step into an innovative kitchen and laundry room filled with appliances.
We have Agents who are certified in servicing and repairing Apple devices. Let our Autotechs take the hassle out of installing your new car electronics and have peace of mind it's done right. Sony experts are ready to show you the latest TVs, sound bars and gaming experiences from Sony.ĭiscover the incredible pictures, theater-quality sound and stunning video of the latest LG TVs. See how Samsung's technology can redefine your home theater experience. Try the latest Samsung devices, chat with experts, and get help in Samsung Skills Workshops.
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Shop Open BoxĮxperience elite, audio, video and smart home solutions plus custom design and install. But you can rest assured that open-box products are always covered by our Return and Exchange Promise. Check back often because our selection varies. Save with open-box products at a store near you.Ĭhoose from a variety of open-box items, all discounted to save you money.We're here to help, anywhere you would like to shop. Home Experts can assist you with any solution, from creating a home theater to updating your Wi-Fi network or even designing your dream kitchen. Enjoy a safe, convenient shopping experience.