Another holiday sales bust for Best Buy

[marmar]

Best Buy Co. on Thursday lowered its sales outlook for the current quarter after weak mobile-phone sales hurt holiday results.

For the fourth quarter, the electronics retailer now expects domestic sales to decline 1.5%, compared with previous guidance for flat sales, because of softer consumer demand in mobile phones and greater-than-expected declines in other consumer electronics.

Shares, which have fallen 27% over the past 12 months, slid another 6.1% to $27.48 in premarket trading.

Best Buy reported revenue edged down 0.8% during the nine weeks ended Jan. 2 to $10.05 billion. Chief Executive Hubert Joly said domestic revenue increased, excluding mobile phones, year-over-year on strength from health and wearables, home theater and appliances. The company also pointed to a 12.6% jump in online revenue. ................(more)

http://www.marketwatch.com/story/best-buy-cuts-sales-view-after-holiday-sales-fall-2016-01-14

[tazkcmo]

1. Reason

We ain't got no money!

[whatthehey]

8. Real Reason

Best Buy has become an involuntary see and touch showroom for online retailers who offer lower prices and often no taxes. Amazon deliveries smashed records all to people with no money?

[Cassiopeia]

2. I've stopped in a few Best Buy's over the last 2 years

to do some shopping.

No stock. They have some TV's and some PC's, but otherwise I noticed they don't have much in the way of a diverse stock of items like they had a decade ago.

I'm surprised they're able to keep the doors open at this point.

[RockaFowler]

3. That's my complaint, too

Everytime you really want something it isn't on hand

That includes DVDs, Games and CDs (and yes I still buy CDs)

[Chiyo-chichi]

7. CDs... me too.

Recently went to my local BestBuy to find a new release by a national artist (after checking the locally-owned record stores). Not only did they not have it, but the CD section had shrunk by 75 or 80% since the last time I had browsed it a few months earlier.

And I could rant for a long while about Geek Squad after wrangling with customer service for months about activating a simple anti-virus software I renewed through them. Won't be using them again for anything.

[BlueJazz]

9. As a computer tech and microsoft engineer and all that crap, I've quit going to them even for...

...the smallest thing. Good example: 2 days ago wanted to get a flash card for a common older camera (Nikon) They sell the cameras and all that and plus have the cards on Sale &quot All CP cards on sale!!).
Checked in Sarasota, St. Petersburg, Tampa. Not one ...not even one in stock.

You put the damn things in your flyer and don't have ANY anywhere????

Aggghhh!

[NightWatcher]

6. And the staff is ignorant too often. Salesmen should know their products

[sufrommich]

4. That's because no one shops at Best Buy anymore. Their prices

aren't competitive,both Amazon and Wal-Mart continue to undercut their prices. I'm amazed they've lasted this long.

[Initech]

5. That's what happens when nobody has money to buy your crap..