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BEST BUY

US consumers still confident, but outlook not as rosy

Consumer Confidence FILE - People shop at a Best Buy store Friday, Nov. 26, 2021, in Overland Park, Kan. U.S. consumer confidence bounced back in March and remains high, though consumers’ short-term outlook is not quite as rosy. — (AP) — U.S. consumer confidence bounced back in March and remains high, though consumers' short-term outlook is not quite as rosy. The Conference Board, a business research group, said Tuesday that its consumer confidence index — which takes into account consumers’ assessment of current conditions and their outlook for the future — rose to 107.2 in March from 105.7 in February. The board's present situation index, which measures consumers’ assessment of current business and labor conditions, also rose this month to 153 from 143 in February. However, the expectations index, based on consumers’ six-month outlook for income, business and labor market conditions, declined to 76.6 from 80.8 in February.

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Best Buy reports Q4 sales miss hurt by supply chain clogs

Like many retailers, Best Buy struggled with rising costs for everything from labor to shipping as supply chain backups hit companies worldwide during the holidays. However, several other major retailers like Walmart and Target were able to push through the supply chain challenges and report strong sales. Sales at domestic stores opened at least a year were down 2.1% compared to growth of 12.4% in the prior-year quarter. The company expects earnings per share for the current fiscal year to range from $8.85 to $9.15. But the company said that it expects sales in the range of $53.5 billion to $56.5 billion for the fiscal 2025 year.

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Holiday trends to watch: Adult Play-Doh; stores that ship

(AP Photo/Craig Ruttle)NEW YORK – The pandemic is turning this into a holiday shopping season like no other. And with more people shopping online, stores are doing double duty as shipping centers to try to get gifts to doorsteps as fast as possible. Meanwhile, Best Buy says that 340 of its stores are being specially designated to handle a higher volume of online orders, though all its stores ship e-commerce packages. Its goal: to have the 340 stores ship more than 70% of its ship-from-store units during the holiday quarter. Typically, 25% of holiday shopping is based on impulse, according to Marshal Cohen, chief industry advisor at NPD Group, a market research firm.

Retail sales grew a slower-than-expected 0.3% in October

NEW YORK – Retail sales in the U.S. grew a sluggish 0.3% in October, even as retailers offered early holiday discounts online and in stores. October's growth was much smaller than in September, when it rose 1.6%, according to the U.S. Commerce Department. It as hoped that retailers would be able to entice Americans who to get a jumpstart holiday shopping and avoid crowds. Online shopping sales rose 3.1% last month, the Commerce Department said. But at clothing stores and sporting good shops, sales fell more than 4%.

Pandemic pushes start of holiday shopping earlier than ever

(AP Photo/David Zalubowski)NEW YORK – Add last-minute holiday shopping to the list of time-honored traditions being upended by the coronavirus pandemic. Black Friday has long been the unofficial start to the U.S. holiday season, though retailers have been pushing holiday shopping earlier for the last decade or so. The first big holiday push will come from Amazon, which is positioning its mid-October Prime Day as a kickoff to the holiday shopping season. Even with the early start to the season, holiday sales are expected to deliver smaller gains than in recent years. Joel Bines, who runs the retail practice at AlixPartners, thinks the earlier shopping will stick even when the pandemic is over.

Businesses weigh reopening - or close again - as cases rise

Businesses reopening across states after months of shutdown have been met with fanfare. Its not the reopening businesses were hoping for. Apple, which started reopening its stores May 11, has closed at least 32 stores in hot spots like Florida and Texas. Some businesses have been requiring customers and employees to sign a waiver saying they wont sue if they get sick. Adam Orman, who runs LOca dOro Italian restaurant in Austin, Texas, may delay a planned July 30 reopening for outdoor seating.

US consumer spending up 8.2%, partly erasing record plunge

(AP Photo/Jim Mone)WASHINGTON American consumers increased their spending by a sharp 8.2% in May, partly erasing record plunges the previous two months, against the backdrop of an economy thats likely shrinking by its steepest pace on record this quarter. In May, those stimulus checks were no longer counted as income for most people. Besides whatever unemployment aid states are providing to the 30 million jobless Americans, the federal government is providing $600 a week in additional benefits. Without the stimulus checks or an extension of unemployment aid, it's unclear whether consumers will keep spending freely. It shows that consumers have gradually but consistently increased their spending since the government distributed the stimulus checks in mid-April.

Millennial Money: Secrets of a Black Friday Shopper

Some people cringe at the thought of shopping on Thanksgiving or Black Friday, but I revel in it. You can snag savings throughout November, but despite early deals, retailers like Walmart, Target and Best Buy reserve some of their best bargains for Thanksgiving Day and Black Friday. Retailers like Amazon, Best Buy and Kohl's have done this in the past. Years prior, I stood in a two-hour line at Best Buy to purchase a single TV. Select the best deals and stick to those items.