Best Buy (BBY) reported tepid 2Q23 earnings earlier this morning. Enterprise comps declined 6.2% on top of a 12.% decline a year ago. Operating margin was perhaps better than expected at 3.8%. The overall result was a 21% drop in EPS to $1.22. BBY marginally lowered its full year enterprise comp and revenue guidance while marginally raising its EPS guidance. While the stock is cheap here at 12x guidance with an almost 5% dividend, the results show no sign of a recovery in demand for consumer electronics and I intend to maintain my short position. The BBY $80 Sep1 Calls I sold yesterday for 37 cents are almost certain to expire worthless on Friday.