Best Buy expects to take a hit from inflation

Best Buy’s sales fell 8.5 percent during the first quarter and earnings were down as the consumer electronics chain reported a modest increase in inventory. The retailer reduced its forecast for the year, but CEO Core Barry was confident in its future prospects. “Even with the expected slowdown this year, we continue to be in a fundamentally stronger position than we were before the pandemic from both a revenue and operating income rate perspective,” she said.