Best Buy Faces Sales Slump Amid Gadget Spending Slowdown

Best Buy reported a quarterly sales decline as consumers reduced spending on electronics, focusing instead on essentials. The retailer's sales fell to $9.45 billion, missing analysts' expectations, and it lowered its annual sales and profit outlook. Despite a drop in appliance and gaming sales, there was growth in computing and services. CEO Corie Barry noted that demand has picked up with the start of holiday sales. Best Buy is modernizing stores and enhancing membership services to boost sales.