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Best Buy Withdraws Fiscal 2021 Guidance, Suspends Buybacks

Best Buy Withdraws Fiscal 2021 Guidance, Suspends Buybacks

(Bloomberg) --

Best Buy withdrew all fiscal 2021 guidance, citing the global pandemic, and said it had suspended all share buybacks.

The company also reported that it had drawn the full amount of its $1.25 billion revolving credit facility, which had been undrawn as of Feb. 1.

Best Buy said its quarter-to-dale sales are ahead of plan.

The company said it was shifting to enhanced curbside service only for all stores starting March 22.

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