Plus   Neg

Best Buy Withdraws 2021 View; Suspends Buybacks

Best Buy Co., Inc. (BBY) announced that it has withdrawn all fiscal 2021 financial guidance previously issued on February 27, 2020 for both the first quarter and full year. Also, the company has suspended all share repurchases. The company specified that its quarter-to-dale sales are ahead of plan.

Best Buy also reported that it drew the full amount of its $1.25 billion revolving credit facility, which was undrawn as of February 1, 2020.

The company said it was shifting to enhanced curbside service only for all stores on an interim basis starting March 22, except where otherwise directed by state and local authorities.

Customers can also still order online or on the app and have their products shipped directly to their homes. But, All in-home installation and repair has been temporarily suspended and will be rescheduled with its customers, and all in-home consultations are being conducted virtually.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Apotex Corp. recalled all lots of type 2 diabetes medication Metformin hydrochloride in the form of oral film-coated tablets for the potential presence of nitrosamine impurity, N-Nitrosodimethylamine (NDMA), above levels of the Acceptable Daily Intake Limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement. Groupe Renault plans to cut about 14,600 jobs across the world and lower its production capacity. The plan includes almost 4,600 jobs reduction in France, through voluntary retirement and retraining. Amazon said it will convert 125,000 of the 175,000 temporary workers it hired in March amid the coronavirus pandemic, to permanent full-time employees in June. The e-commerce giant had hired the temporary employees in March to meet strong consumer demand amid the lockdown. The job openings were in Amazon's fulfillment centers and its delivery network.
Follow RTT