Best Buy’s shares fell 2.7% despite a beat on holiday quarter revenue and profit estimates as steep discounts attracted inflation-weary shoppers to its stores
on Thursday joined peers with a cautious annual earnings forecast as uncertainty over the U.S. economic outlook tempers expectations for a recovery in demand for TVs, laptops and other electronic products.
Best Buy and other retailers have offered bigger discounts than usual during the holiday season to stoke demand as surging costs of rent and food over the last year hammered spending on non-essentials.
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