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- Best Buy reported a bigger-than-expected drop in first-quarter comparable sales on Thursday as Americans kept their discretionary spending in check in the face of stubborn inflation.
Consumer spending on non-essential items in the United States has been choppy for the last several quarters, and while some areas such as apparel are seeing a revival, pricier discretionary items such as televisions and laptops still face weakness.Shares of Best Buy, which reported a drop in quarterly comparable sales for a tenth straight quarter, were down marginally in volatile premarket trade.
The company reported a 6.1% fall in quarterly comparable sales, while analysts on an average expected a fall of 4.94%, as per LSEG data.It has been our privilege to have the trust and support of our East Coast communities for the last 200 years. Our SaltWire team is always watching out for the place we call home. Our 100 journalists strive to inform and improve our East Coast communities by delivering impartial, high-impact, local journalism that provokes thought and action.
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