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Best Buy says holiday season disappointing, stock tanks

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Best Buy says holiday season disappointing, stock tanks
Best Buy stock tanks after disappointing holiday earnings.
( Associated Press )

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By Tiffany Hsu
January 16, 2014 , 8:16 a.m.
tiffany Best Buy Co. watched its stock plunge more than 27% in morning trading Thursday after announcing poor holiday results that suffered from heavy competition and deep discounting.
tiffany outlet The consumer electronics retailer said revenue for the nine weeks ended Jan. 4 slumped 2.6% to $11.45 billion from the same period a year earlier.
tiffany outlet online Same store sales slipped 0.9% in the U.S., though they managed at 0.1% boost internationally.
tiffany outlet locations In late morning trading in New York, Best Buy stock tanked nearly 28%, or $10.45, to $27.11 a share.
tiffany jewelry outlet Hubert Joly, chief executive of the Minneapolis chain, blamed an epidemic of deals, discounts and bargains across the industry.
tiffany outlet “The promotional intensity that began with Black Friday continued throughout the period, which led us and our competitors to answer one question -- do we make the incremental investment necessary to be price competitive and defend our market share?” Joly said in a statement. “For us, there was only one answer.”
But the rampant price slashing “did not result in higher industry demand and had a deflationary impact on our revenue,” Joly said.
The company also struggled amid a “disappointing mobile phone market” and troughs in foot traffic.
Joly added Best Buy had trouble keeping popular products in stock. Supplies of game consoles such as the PlayStation 4 and the Xbox One, which launched during the holidays, were in short supply for many retailers.
And although categories such as computing, appliances and gaming did well, their gains were “more than offset” by declines in digital imaging, movies and MP3 players, according to Best Buy.
The company said its operating income rate in the current quarter will be 175 to 185 basis points lower than in the same period last year -- a “higher than expected cost.”
However, in a trend that’s playing out across the retail industry, Best Buy said its Internet-based sales were massively successful. Online revenue for the holiday period came in at $1.32 billion, with year-over-year comparable sales soaring 23.5%.
ALSO:
Best Buy warns steep holiday discounts will hurt its margins
Best Buy, others to match Wal-Mart's $479 price on iPad Air
Retail sales show modest December increase, weakening growth
Copyright © 2014, Los Angeles Times
Comments (16)
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GeneTierney at 2:02 PM January 16, 2014
Worst "customer service" ever when I attempted to have my iPhone repaired.  Rude, arrogant, and dismissive employees - my goodness, I would love to read the "Best Buy Training Manual on How to Lose Customers."  Long story short, I left the store, cancelled the Geek Squad "Protection" plan for my iPhone, and headed to the Apple Store.  Despite the late hour (8:30PM), the Apple employees treated me with respect, kindness, and professionalism, and fit me into Genius Bar schedule. Ultimately,  I accepted the generous offer of a brand new iPhone at the replacement price of $269 for Apple Care program members even though my original phone was purchased from Best Buy.
Contemporary-Art at 1:47 PM January 16, 2014
Americans are not ready to buy high price electronic things, yet.  Everyone is still waiting for economic recovery.  When will Obamanomic start to work?
rubeNGA at 12:11 PM January 16, 2014
Serves them right.  Best Buy has the crappiest return policy ever. They always ask for ID when you want to return something.  They will ban you from returning anything if you return more than 2-3 items, doesn't matter what value they are. 
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