MINNEAPOLIS - Best Buy (BBY) said Thursday that a key sales barometer fell during the holiday shopping season, stung partly by weakness in the U.S. and a highly promotional retail environment.
Its stock dropped almost 23 percent in
Best Buy Co. said comparable store
sales dipped 0.8 percent for the nine weeks ended Jan. 4. This was better than
the 1.7 percent decline in the prior-year period.
The consumer electronics company
defines comparable store sales as sales at stores, call centers and websites
operating for at least 14 full months as well as revenue related to other
comparable sales channels.
The metric fell 0.9 percent in the
U.S. compared with flat results a year ago. Internationally, the figure climbed
0.1 percent versus a 10.3 percent drop in the prior-year period.