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Best Buy cuts sales forecast as inflation tempers spending
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FILE - A woman walks with a boy to the Best Buy store at the Mall of New Hampshire, Tuesday, Aug. 4, 2020, in Manchester, N.H. Best Buy, the nation's largest consumer electronics chain, cut its annual sales and profit forecast Wednesday, July 27, 2022, citing surging inflation that has dampened consumer spending on gadgets. The Minneapolis-based company echoed Walmart, which earlier this week said higher prices on basic necessities are forcing shoppers to cut back on discretionary items. - photo by AP Photo/Charles Krupa, File
NEW YORK (AP) — Best Buy, the nation's largest consumer electronics chain, cut its annual sales and profit forecast Wednesday, citing surging inflation that has dampened consumer spending on gadgets. The Minneapolis-based company echoed Walmart, which earlier this week said higher prices on basic necessities are forcing shoppers to cut back on discretionary items. Shares of Best Buy fell more than 2% in after-market trading Wednesday.