Best Buy results reveal pullback

NEW YORK — Best Buy Co. posted first-quarter results that showed shoppers pulled back on spending, while higher costs ate into profits.

The nation’s largest consumer electronics chain also cut its annual outlook, noting a deteriorating macro economic environment.

Best Buy reported fiscal first-quarter net income of $341 million, or $1.49 per share.

But the consumer electronics retailer posted revenue of $10.65 billion in the period, down 8.5% from the year-ago period.

Best Buy was among a handful of big winners in the pandemic, as shoppers splurged on tech equipment like laptops to create home offices to help them with remote work or cater to the needs of their children for virtual learning.