The coronavirus pandemic has hit retailers in more ways than one. They’ve been forced to close their storefronts, lay off workers, and many of their top-selling products have either slowed production or are totally sold out. All of these things have been true for Best Buy.
Best Buy saw its earnings per share beat expectations, while revenue was slightly down. Combined with the uneasiness over the impact of tariffs, the report sent the consumer tech retailer's stock tumbling.
Walmart and Best Buy both reported strong quarter one earnings this week. Despite the success, both companies are mindful of the increased tariffs which could affect prices for consumers.
Best Buy announced its plans to promote Corrie Barry to CEO effective June 11, 2019. Several analysts provided their thought on the decision, and what the future of the company will look like after Hubert Joly.
A downgrade note from Bank of America Merrill Lynch cited credit card spending data for consumer electronics and toys that slipped 6 percent in November compared to last year.