Minneapolis, Minn. – Media and electronics retail store
chain Best Buy (NYSE: BBY) said that revenues were down 1.6% during the key holiday
shopping period, to $8.4 billion, while other key metrics signaled a lackluster
December. Same-store sales — which represent sales at locations that have been
open more than a year — declined 4% globally in December, and were down 5% in
the U.S.
This contrasts with same-store sale gains of 8.2% globally and 9.3%
domestically in December 2009.
Best Buy blamed the weak sales figures on
“softness in entertainment software and televisions.”
Sales of
entertainment software were down 15.4%, “driven primarily by a decrease in
gaming and continued softness in music and movies,” the company said.
Consumer electronics sales were down 7.9%, “due primarily to a low
double-digit decline in televisions as the industry continued to experience
softness.”
Areas of growth for the company in December included online
sales, which were up 13% year-over-year, as well as sales of mobile phones and
e-readers.
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