Best Buy extends streak of quarterly sales declines as Americans focus on essential purchases

NEW YORK (AP) – Best Buy reported another quarterly sales decline as the nation’s largest consumer electronics chain grapples with cautious spending by Americans who are prioritizing essential purchases and paying more for things like rent. The company has seen quarterly sales declines for more than two years, dating back to the pandemic when households bought new laptops and other equipment to work from home. Sales were worse than Wall Street expected, but profits were better than expected. Best Buy provided muted earnings and sales forecasts for this year. The stock rose more than 1% in pre-market trading on Thursday.