BEST BUY

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.

The latest earnings reports from Macy’s and Best Buy show that consumers are still cutting back their spending on clothing and gadgets as inflationary pressures on everything from food to gas are straining household budgets.

A measure of inflation closely watched by the Federal Reserve slowed last month, another sign that a long surge in consumer prices seems to be easing.

If you’re planning on doing some last-minute shopping on Thanksgiving Day, you might want to check ahead and ensure your go-to store is open.

The pace of sales at U.S. retailers was unchanged in September from August as rising prices for rent and food chipped away at money available for other things.

Best Buy posted declines in fiscal second-quarter profits and sales as the nation’s largest consumer electronics chain struggled with weakening consumer demand for gadgets and high costs that rippled through its supply chain.

Best Buy, the nation’s largest consumer electronics chain, is trimming jobs in an effort to adjust to new changes in consumer behavior as the virus wanes.

Best Buy has cut its annual sales and profit forecast, citing surging inflation that has dampened consumer spending on gadgets.

Doing any last-minute Easter shopping?

U.S. consumer confidence bounced back in March and remains high, though consumers’ short-term outlook is not quite as rosy.

Best Buy reported a shortfall in sales for the holiday quarter as the nation’s largest electronics chain struggled with limited supplies of holiday products and was forced to reduce store hours because of a shortage of workers due to omicron.

U.S. consumer prices rose 5.7% over the past year, the fastest pace in 39 years as a surge in inflation battered Americans as the holiday shopping season was getting under way.

There was a lot of excitement this morning at Valley View Mall as shoppers head to the stores for Black Friday.

We somehow made it to August, which means it’s back-to-school time for students and teachers everywhere.

Retail sales fell in May, dragged down by a decline in auto sales and a shift by Americans to spend more on vacations and other services instead of goods.

(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.

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. Economists had expected sales to rise 0.5%, already a significant tail off from September's gain of 1.6%. Sales rose at home and garden stores, electronics and appliance stores, and online retailers. Nationwide, spending fell to 7.4% below a year ago, JPMorgan said, a drop of about 2.5 percentage points from two weeks earlier. Yet at clothing stores and sporting good shops, sales fell more than 4%.

(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.

ROANOKE, Va. Count Kohls among the nationwide retailers who will not be open this Thanksgiving. The retail giant made the announcement on Wednesday, with CEO Michelle Gass saying, The holiday season is when Kohls shines brightest, and as we move into the holiday season of this very unusual year, we are adapting our plans in response to changing customer expectations and behaviors.We are deeply appreciative of how our team of Kohls associates have shown up to serve our customers through this pandemic and know that they will continue to show Kohls at our best throughout the holidays, continued Gass. Kohls said it made the decision given the importance of safety and convenience. Other retailers who will not be open on Thanksgiving Day include Best Buy, Dicks Sporting Goods, Target and Walmart. Best Buy announced its plan earlier on Wednesday.

Best Buy is the latest store to announce that it will be closed for Thanksgiving this year. The company says to make up for the closure, it will be offering holiday deals earlier than it has in years past. Target, Dicks and Walmart have also announced that they will close on the holiday as well. To learn more about what Best Buy is doing this holiday season, click here.

Last week, Starbucks announced that customers who visit its company-owned café locations in the U.S. will be required to wear face coverings. Costco Wholesale Club was one of the first major retailers to require face coverings for customers at all of its stores. “I think Walmart's decision will give cover to other retailers to require masks," said Michael J. Hicks, an economist at Ball State University in Muncie, Indiana. Social media is full of videos capturing clashes between those who are asked to wear masks, and employees who are under orders to make sure people wear them. About half of U.S. states require masks in public places, according to the RILA.

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.

(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.

NEW YORK Late last year, Best Buy began testing curbside pickup at select stores as a way to respond to customer needs. Macys sales were down 45% and the company says it could have a loss of at least $1 billion in the quarter. Victoria's Secret said that it will be closing 250 stores about a quarter of its fleet in the next few months. Target's CEO Brian Cornell said its stores were directly involved in supplying goods for 80% of online sales. It expects another 80 Macys stores to open for Memorial Day weekend and most of its stores, including its flagship stores in Manhattan, to open in mid-June.

Getty Images via CNN(CNN) - Walmart, Target and Best Buy this week rolled out plans to woo shoppers during the holidays, focusing on early deals, speedier deliveries and beefed-up service in stores. "This year is a bit unique for our customers," Steve Bratspies, Walmart chief merchandising officer, said on a call with reporters. Walmart has started to offer free next-day delivery on orders over $35 for more than 200,000 items. Best Buy said Tuesday that it would offer next-day delivery on thousands of smaller items such as tablets and headphones. The National Retail Federation estimates retail sales in November and December will grow between 3.8% and 4.2% compared with a year ago.

ROANOKE, Va. - Best Buy is among the retailers recruiting employees for the holiday shopping season. The company is hosting job fairs across the country to gear up for the busy months ahead. The Roanoke location at Valley View Mall is participating in the national hiring fair, which will take place on Thursday and Friday from noon to 7 p.m. The company says it will be making on-the-spot job offers. You can RSVP online or simply show up in person.

ROANOKE, Va. - Mark your calendars for July 16 -- That's when the new Chipotle on Valley View Boulevard opens. If you're lucky enough to be one of the first 50 customers, you'll receive some Chipotle swag. The restaurant, located by Target and Best Buy, will be open 10:45 a.m. to 10 p.m. seven days a week. The restaurant is now hiring for multiple positions. Copyright 2019 by WSLS 10 - All rights reserved.