Best Buy Slashes FY23 Comp Sales Outlook - Update

(RTTNews) - While reporting financial results for the second quarter on Thursday, electronics retailer Best Buy Co., Inc. (BBY) slashed its comparable sales growth guidance for the full-year 2023 and provided comparable sales growth outlook for the third quarter.

For fiscal 2023, the company now projects comparable sales to decline around th3 11 percent range, compared to the prior forecast for a decline of 3 to 6 percent.

The company also projects comparable sales for the third quarter to decline slightly more than the 12.1 percent decline reported for the second quarter.

The company also announced that its board of directors has authorized the payment of a regular quarterly cash dividend of $0.88 per common share, payable on October 11, 2022, to shareholders of record as of the close of business on September 20, 2022.