NEW YORK (AP) — Best Buy, the nation’s largest consumer electronics retailer, reported another quarterly decline in sales as Americans scale back on purchases of home appliances and other consumer electronics and focus on essentials.

However, the company’s results beat Wall Street estimates. The Richfield, Minnesota-based retailer lowered its revenue forecast but raised its profit forecast for the current fiscal year.

Best Buy reported earnings of $291 million, or $1.34 per share, for the three-month period ended August 3. The company reported earnings of $274 million, or $1.25 per share, for the same period a year ago.

Revenue fell 3% to $9.29 billion from $9.58 billion in the quarter.

According to FactSet, analysts had expected earnings of $1.16 per share on sales of $9.23 billion.

Comparable sales – i.e. sales from online channels and physical stores – fell by 2.3 percent. This was a smaller decline than the 6.1 percent in the previous quarter.

Consumers are struggling with high prices and increased interest rates. The government reported earlier this month that hiring in July was much lower than expected and the unemployment rate rose for the fourth month in a row. Since then, however, economic reports have shown that layoffs remain low and activity and hiring in the services sector remain stable.

Additionally, shoppers are placing more value on experiences such as travel and concert tickets, which is also impacting shoppers’ spending on gadgets.