Macy’s, Best Buy 4Q reports underscore consumer slowdown

By ANNE D’INNOCENZIO and MICHELLE CHAPMAN

NEW YORK (AP) — 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. Macy’s profit and sales for the holiday quarter slid with inflation leading some customers to pull back, but it beat Wall Street expectations and its outlook for 2023 didn’t disappoint given the uncertain economic environment. Best Buy also reported declines in profits and revenues for the fiscal fourth quarter that beat Wall Street expectations. But the nation’s largest consumer electronics chain issued a downbeat annual financial outlook.