Best Buy withdraws fiscal 2021 financial guidance

Canada

Holiday shoppers leave a Best Buy store at the Pentagon Centre shopping mall in Arlington, Virginia, U.S., November 29, 2019. REUTERS/Loren Elliott

(Reuters) – Best Buy Co Inc (BBY.N) said on Saturday that the company withdrew all financial guidance for fiscal 2021, for both the first quarter and full year, due to increased uncertainty related to the potential impacts of the coronavirus.

The retailer said it drew the full amount of its $1.25 billion revolving credit facility, which was undrawn as of Feb. 1.

The company also said it suspended all share repurchases and is shifting to enhanced curbside service only for all of its stores on an interim basis starting from March 22.

Reporting by Rishika Chatterjee in Bengaluru; Editing by Daniel Wallis

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