Best Buy Adds to Mixed Retail Picture
Retailers were expected to have a strong showing in the holiday period after logging a record-breaking Black Friday and Cyber Monday. However, recent reports indicate a mixed picture for the industry. On Friday, Best Buy (NYSE:BBY) added to the confusion.
The Minneapolis-based retailer announced holiday revenue results. For the nine weeks ended January 5, 2013, revenue came in at $12.8 billion, representing a 0.4 percent decline from the $12.9 billion a year earlier. Revenue in the company’s International segment increased 2.2 percent, but the Domestic segment posted a 1.2 percent decline.
Overall, comparable store sales for the holiday period declined 1.4 percent. Same-store sales were flat in the United States, but International stores dropped 6.4 percent. With the popularity of mobile phones and tablets from companies such as Apple (NASDAQ:AAPL) and Samsung, Best Buy said comparable store sales were positive in those devices. Sales in entertainment, televisions and computing declined. The International segment was affected by declines in Canada and China.
Best Buy names priorities…