The CEO of Best Buy Co. Inc. said on May 24 that the company is “not planning for a full recession,” but acknowledged that tough times lie ahead with regard to slower consumer sales.
“I think I want to start with a reminder that this is a very stable industry,” CEO Corie Barry said on an earnings call on May 24. “Consumer electronics, over time, is a stable industry. And the last two years have clearly underscored the importance of tech in people’s lives.”
“It’s fair to say that we’re factoring in elements of softer demand, but we are not planning for a full recession or guide. We’ll not assume a full recession at this point. Obviously, if that were the case, we will continue to update the performance and the expectations. But I think I would characterize our guide more as a softer environment, not a full recession,” Barry added….