Best Buy (NYSE: BBY) is still suffering from a painful growth hangover following surging demand through the worst of the pandemic. The retailer's late May sales update met management's conservative targets, but Wall Street wasn't excited to see a double-digit revenue slump as shoppers tilted spending away from consumer electronics.
There's nothing unusual about cyclical downturns in this industry, and they don't threaten the long-term investing picture. So let's look at whether Best Buy stock is a bargain right now.
The company announced on May 25 that comparable-store sales fell 10% in the selling period that ended in late April. This slump was right in line with management's March forecast that predicted a tough year ahead for the company due to factors like weakening consumer confidence and inflation.
Source Fool.com