Best Buy surpassed Wall Street’s profit estimate after warning a month ago that it was under pressure from waning consumer-electronics demand.
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Best Buy is contending with flagging sales of discretionary goods as soaring US inflation forces shoppers to pay more for groceries and other essentials. Consumers are also shifting more spending to travel and other services after binging on televisions, computers and appliances during the first two years of the pandemic.
Best Buy said it incurred US$34 million in restructuring costs in the second quarter, mostly in the form of benefits stemming from job cuts, and said it would take on additional expenses during the rest of the year. The Wall Street Journal reported earlier this month that the company is cutting hundreds of jobs in stores.
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