Best Buy (BBY) reported its first quarter results, reiterating its full-year forecast despite witnessing a 6.1% decline in comparable sales. Loop Capital...
) reported its first quarter results, reiterating its full-year forecast despite witnessing a 6.1% decline in comparable sales . Loop Capital Markets Managing Director Anthony Chukumba joins Morning Brief to analyze the results.to inflation,"maybe you don't need to buy that new 60-inch television.
As consumer demand for electronics, Wanes, Anthony Cumba, I gotta know what your assessment of Best Buy, especially with some of the categories that they saw some significant declines in our continued push back within and they were talking about that appliances, home theater, gaming, mobile phones, uh really the largest drivers of this comp sales decline.So Best Buy, I mean, these are very, very high ticket items that are also largely discretionary.
Now, part of the reason that best buy uh stock is up is that, you know, they did a really nice job controlling what they could control.So even though comp store sales were down 6% the operating margin actually expanded 40 basis points a year every year, uh, and earnings were up and they reiterated their guidance for the full year.
And then when you add elevate inflation on top of that, it makes it really, really hard for them to, you know, grow their sales, but they're doing a great job of managing what or, or of controlling what they can control.
Anthony Chukumba Comparable Sales
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