Best Buy reports another drop in quarterly sales as shoppers remain cautious about gadget spending

Best Buy, the nation’s largest consumer electronics chain, reported another quarterly drop in sales as Americans pull back on purchases of appliances and other consumer electronics gadgets to focus on essentials. The company’s profits and sales results beat Wall Street estimates, however. The Richfield, Minnesota-based retailer downgraded its sales outlook but raised its earnings view for the current fiscal year. Best Buy reported earnings of $1.34 per share for the three-month period ended Aug. 3. That compares with $1.25 per share in the year-go period. Sales fell 3% to $9.29 billion. Shoppers also focusing more on experiences like travel and tickets to concerts, which reduces spending on gadgets.