NEW YORK (AP) -- Best Buy, the nation's largest consumer electronics chain, is cutting staff to adapt to new changes in consumer behavior as the virus subsides. Best Buy declined to disclose how many jobs were cut, but the Wall Street Journal, which first reported, estimated there were hundreds of store-level jobs. In a statement emailed to her Associated Press, Best Buy said: “We have made adjustments to our team, including eliminating a few roles in an ever-changing macroeconomic environment where customers are shopping more digitally than ever before.”
The job cuts come after Best Buy lowered its annual revenue and earnings forecasts late last month. This was done because rising inflation curbed consumer spending on gadgets. The Minneapolis-based company followed in the footsteps of Walmart, which cut earnings forecasts a few days ago. The country's largest retailer said rising prices for essentials are forcing shoppers to cut back on essentials.Walmart also said it will cut jobs at its headquarters as part of its restructuring. was announced earlier this month. Yet, the recent snapshot of the overall U.S. job market remains strong, even as inflation continues to rage and affect businesses of all kinds. Last week, the government reported that the unemployment rate had fallen further from 3.6% to 3.5%. COVID-19 hit the US in March 2020 and he regained all of his 22 million jobs lost in April.
Best Buy said last month that he expects sales to fall 11% this year for stores that have been open for at least a year. Best Buy expects sales to decline 13% in the second quarter. Still, this quarter's earnings should be about 7.5% higher than in the second quarter of 2020. Best Buy He plans to announce quarterly results on August 30,
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