Best Buy holiday same-store sales fall
NEW YORK Jan 16 (Reuters) - Best Buy Co Inc said on Thursday that total revenue and sales at its established U.S stores fell in the all-important holiday season due to intense discounting by rivals, supply constraints for key products and weak traffic in December.
Sales at its stores open at least 14 months were down 0.9 percent in the United States and up 0.1 percent internationally in the nine weeks ended Jan. 4.
Total revenue fell about 2.6 percent to $11.45 billion in the nine-week period.
The world's largest consumer electronics chain cut prices aggressively to thwart fierce competition from Wal-Mart Stores Inc and other rivals in what turned to be one of the most promotional seasons since the recession.
- Tweet this
- Share this
- Digg this
- UPDATE 7-U.S. says Russia must pull convoy from Ukraine or face more sanctions
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- WHO warns of 'shadow zones' and unreported Ebola cases
- China gold exchange gains traction as yuan reforms stir interest
- Liverpool won't change attacking style says Rodgers