Greatest Purchase Q2 outcomes fall amid softening demand for devices

August 30, 2022 at 4:00 pm

FILE – Proven is a Greatest Purchase location in Philadelphia, Wednesday, Nov. 17, 2021. Greatest Purchase posted declines in fiscal 2022 second quarter earnings and gross sales because the nation’s largest shopper electronics chain struggled with weakening shopper demand for devices and excessive prices that rippled by way of its provide chain. However the outcomes, introduced on Tuesday, Aug. 30, 2022, had been above expectations. That pushed shares up almost 3% larger in premarket buying and selling. (AP Photograph/Matt Rourke, File)

NEW YORK (AP) — Greatest Purchase posted decrease fiscal second-quarter earnings and gross sales because the nation’s largest shopper electronics chain struggled with weakening shopper demand for devices and excessive prices that rippled by way of its provide chain.

However the outcomes, introduced on Tuesday, had been above analysts’ expectations. That pushed shares up greater than 2% larger in early afternoon buying and selling.

Greatest Purchase’s gross sales through the top of the pandemic had been fueled by outsized spending from consumers who had been splurging on devices to assist them make money working from home or assist their youngsters with digital studying. Final 12 months, spending additionally bought a lift from authorities stimulus help. So like many retailers, Greatest Purchase entered the 12 months anticipating that monetary outcomes can be weaker than in 2021 as stimulus disappeared and consumers would brace extra regular pre-pandemic existence.

However

<br />