Best Buy ‘s profit and sales slipped in the third quarter on weakening demand for electronic gadgets, but it beat expectations and the retailer said a downturn in comparable stores sales this year will not be as bad as it had expected. Shares jumped more than 8% at the opening bell Tuesday. Retailers including Best Buy are facing a cloudy picture heading into the Black Friday weekend, considered the kickoff to the holiday shopping season. The job market remains strong, consumer spending is resilient and inflation has been slowing. But what Americans are buying is changing. The soaring costs of using a credit card as the U.S. Federal Reserve hikes rates to cool the economy, on top of elevated prices for food, rent, gasoline and other household costs, has taken a toll. Consumers are reluctant to spend unless there is a sale, they’re being more selective with what they will buy and, in many cases, trading down to buy cheaper stuff. “Across consumers, we can also see that savings are being drawn down and credit usage is going up,” Best Buy CEO Corie Barry said Tuesday. “And value clearly matters to everyone.” Throughout the third quarter, customers at Best Buy… Read full this story
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