Best Buy on Thursday reported holiday-quarter earnings and revenue that topped Wall Street's expectations, as waning demand for consumer electronics proved better than feared. "We are preparing for another down year for the [consumer electronics] industry," said CEO Corie Barry on a call with analysts. Its pandemic-era momentum has teed up challenging comparisons for the consumer electronics retailer, particularly as shoppers feel strained by bigger grocery bills and other higher expenses fueled by inflation. The key metric, also called comparable sales, tracks sales online and at stores open at least 14 months. Best Buy had joined other retailers in cutting its outlook this summer.

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