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Best Buy Stock Slumps. The Electronics Retailer’s Gross Margins Disappoint.

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Best Buy was falling sharply in premarket trading Tuesday after the electronics retailer posted fiscal third-quarter earnings that topped estimates and the company boosted its sales outlook for fiscal 2022.

A decline in gross margin likely was the reason for the stock’s sharp decline in premarket trading. Gross margin in the third quarter fell to 23.5% from 23.6% a year earlier.

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