Best Buy posts fall in sales as shoppers pull back on electronics

Best buy profits and sales fell in the latest quarter, as spending on computers and other home electronics dried up compared to earlier in the pandemic, and across-the-industry discounting eroded profits.

Like-for-like sales, those from stores and digital channels that have been in operation for at least 12 months, fell 12.1% in the quarter ended July 30 compared to the same period last year. Sales were down in nearly every product category, with the biggest declines in computing and home theater, the company said.