Best Buy Co Inc.’s Canadian stores are seeing steeper drops in sales than are the company's stores in the U.S. – at least when those sales are converted into U.S. dollars.
“This decrease was primarily driven by a comparable sales decline of 5.4 per cent and the negative impact of approximately 340 basis points from foreign currency exchange rates,” the company explained in a news release. The company’s U.S. business also struggled. It generated US$8.89 billion in sales in the quarter ended July 30, down 7.1 per cent from US$9.569 billion in the same quarter in 2022.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: