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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Best Buy Co., Inc. (BBY) announced that it has withdrawn all fiscal 2021 financial guidance previously issued on February 27, 2020 for both the first quarter and full year.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.

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