Best Buy December Sales Fall
MINNEAPOLIS (AP) – Best Buy Co. says weaker than expected traffic until the week before Christmas and low demand in Canada and Europe put a crimp in its December sales.
The largest U.S. electronics retailer says revenue in stores open at least two years fell 1.2 percent.
Still, Best Buy reaffirmed its annual guidance. December is a crucial month for retailers since the holiday period can account for up to 40 percent of annual sales. Best Buy is opening smaller stores and beefing up its online presence as it faces tough competition from discounters and online retailers.
Tablet computers, smart phones, appliances and e-readers were strong sellers. But TVs, digital cameras and video consoles and games were weaker.
Total revenue was flat at $8.4 billion. Online revenue rose 26 percent.
(Copyright 2012 by The Associated Press. All Rights Reserved)