Best Buy Co. posted stronger-than-expected profits, but reported a deeper-than-expected drop in revenue for the fiscal third quarter as shoppers continue to pull back on buying gadgets in an uncertain economy. The nation’s largest consumer electronics chain also cut its fourth-quarter sales outlook, sending shares down 5% in premarket trading. The job market has remained resilient, but Americans are facing higher prices on many items, even as the inflation rate is easing. And they’re also facing more expensive credit with the Federal Reserve hiking benchmark interest rates to combat inflation. It costs more to take out loans for appliances, cars and houses, or to use a credit card. As a result, consumers have become reluctant to spend unless there is a sale.
