Best Buy reports declines in 1Q profits and sales as gadget spending remains weak

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Best Buy reported declines in fiscal first-quarter sales and profits as the nation's largest consumer electronics chain continues to wrestle with a consumer spending slowdown in gadgets. Best Buy, based in Minneapolis, affirmed its cautious financial outlook, underscoring continued uncertainty about the broader economic environment and the outlook for consumer electronics spending. Best Buy’s sales during the depths of the pandemic were fueled by oversized spending by Americans who splurged on gadgets to help them work from home or help their children with virtual learning.