NEW YORK (AP) — Best Buy cut its annual outlook for profits and sales after the nation’s largest consumer electronics chain reported a profit decline and stagnating sales for its fiscal first quarter amid shoppers’ worries about the economy and tariffs.
The Minneapolis-based company reported net income of $202 million, or 95 cents per share, for the three-month period ended May 3.
That compares with $246 million, or $1.13 per share, a year ago.
Adjusted earnings was $1.15 per share.
Sales fell slightly to $8.77 billion from $8.85 billion.
