Best Buy Co., Inc. (NYSE: BBY) today announced business updates related to the company’s second quarter ending July 30, 2022 (Q2 FY23) financial performance and fiscal 2023 outlook. “As we’ve said, we entered the year expecting our fiscal 2023 financial results to be softer than last year as we lap government stimulus support and unusually strong consumer electronics industry demand while we continue to invest in our future,” said Corie Barry, Best Buy CEO. “As high inflation has continued and consumer sentiment has deteriorated, customer demand within the consumer electronics industry has softened even further, leading to Q2 financial results below the expectations we shared in May.” The company expects Q2 FY23 comparable sales 1 to decline approximately 13%, with revenue approximately 7.5% higher than pre-pandemic Q2 FY20. This compares to 19.6% comparable sales growth in Q2 FY22. The company expects its Q2 non-GAAP operating income rate 2 to be in a range around 3.7%. Additionally,...