Shares of Best Buy climbed on Tuesday after the retailer beat expectations in the third quarter and maintained a positive outlook for holiday sales.
The company reported revenue of $10.59 billion for the quarter, down from $11.9 billion in the same quarter last year.
While demand is down from pandemic highs, inflation didnt seem to cause it to drop as far as feared.
“The holiday shopping season has begun, and now, more than ever, our customers are looking to bring joy back into their celebrations,” Best Buy CEO Corie Barry said in a statement.
“We have strategically and effectively managed our inventory flow based on a shopping pattern that we believe looks more similar to historical holiday periods,” Barry said.
