​Best Buy Falls For Third Straight Quarter​​

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March 24, 2021

Best Buy Co Inc reported its third straight quarter of same-store sales declines on weak demand for televisions and entertainment software in the all-important holiday selling season.

The largest U.S. consumer electronics chain said its same-store sales fell 4.6 percent in its fourth quarter, including a 5.5 percent decline at its U.S. stores open at least 14 months.

However, shares of Best Buy are up over 5% in pre-market trading today thanks to earnings that blew away expectations. EPS of $1.98 came in well ahead of estimates of $1.85. The company is citing brisk business in the mobile space for its solid number.

Bear in mind that in December, the company missed earnings, and there was a whole lot of handwringing about how the CONSUMER WAS DEAD and whatnot.