(Reuters) – Best Buy reported a bigger-than-expected drop in first-quarter comparable sales on Thursday as Americans kept their discretionary spending in check in the face of stubborn inflation.
Consumer spending on non-essential items in the United States has been choppy for the last several quarters, and while some areas such as apparel are seeing a revival, pricier discretionary items such as televisions and laptops still face weakness.
Shares of Best Buy, which reported a drop in quarterly comparable sales for a tenth straight quarter, were down marginally in volatile premarket trade.
The company reported a 6.1% fall in quarterly comparable sales, while analysts on an average expected a fall of 4.94%, as per LSEG data.
(Reporting by Juveria Tabassum; Editing by Anil D’Silva)
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