BBY

Shares of electronics retailer Best Buy (NYSE:BBY) are moving upward in the pre-market trade today on the back of the company’s third-quarter performance. While revenue dropped 11.1% year-over-year to $10.59 billion, the figure was still better than analysts’ expectations by ~$290 million. Moreover, EPS at $1.38 too, comfortably cruised past expectations by $0.35. Comparable sales during the quarter declined by 10.4%. The company continues to advance its strategic initiatives and make investments for long-term growth, and has upped its outlook for 2023. For 2023, BBY now expects comparable sales to drop by about 10% while the operating income rate is seen landing slightly higher than 4%.
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