Best Buy Co., Inc. (NYSE:BBY) shares are trading lower Tuesday amid weakness in the retail sector in sympathy with Macy's (NYSE:M) and Dick's (NYSE:DKS), which dropped following their quarterly earning reports.

What To Know: Macy's reported quarterly earnings of 26 cents per share which beat the analyst consensus estimate of 13 cents. The company reported quarterly sales of $5.13 billion which beat the analyst consensus estimate of $5.09 billion but fell 8.39% from the same period last year.

Dick's reported quarterly earnings of $2.82 per share which missed the analyst consensus estimate of $3.81. The company reported quarterly sales of $3.22 billion which missed the analyst consensus estimate of $3.23 billion, a 3.60% increase over sales of $3.11 billion the same period last year.

The company also lowered full-year 2023 earnings per share guidance to a range between $11.50 and $12.30, versus the $13.50 estimate. Comparable store sales are anticipated to range between flat and +2%.

Best Buy is set to report second-quarter earnings on Aug. 29 before the market opens. The company is expected to report earnings of $1.06 per share and revenue of $9.51 billion.

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BBY Price Action: Shares of BBY were down 5.72% at $74.37 at the time of publication, according to Benzinga Pro.

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