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Best Buy set to report first-quarter earnings on Tuesday morning

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Yahoo Finance Live's Seana Smith previews Best Buy's stock ahead of its earnings report this Tuesday.

Video Transcript

SEANA SMITH: Turning now to a stock to watch. Tomorrow, Best Buy, the retailer is set to report earnings in the face of high inflation. Those results will be out before the bell tomorrow.

Now, at least five analysts have cut their price targets on the stock ahead of tomorrow's results. The Street expects a first quarter sales to fall 11% to $10.4 billion on earnings of $1.63. Best Buy has missed Wall Street's revenue expectations twice in the past five quarters.

The stock has been struggling along with many of the names in this space. We know retail has fallen out of favor in the face of higher inflation. The stock, since the start of the year, off just around 28%.