Bargain hunters line up for sales at a Best Buy Nov. 28, 2013, in Dunwoody, Ga. THE CANADIAN PRESS/AP, David Tulis
January 16, 2014 - 4:24 AM
MINNEAPOLIS - Best Buy 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 per cent in premarket trading.
Best Buy Co. said comparable store sales dipped 0.8 per cent for the nine weeks ended Jan. 4. This was better than the 1.7 per cent decline in the prior-year period.
The consumer electronics company defines comparable store sales as sales at stores, call centres and websites operating for at least 14 full months as well as revenue related to other comparable sales channels.
The metric fell 0.9 per cent in the U.S. compared with flat results a year ago. Internationally, the figure climbed 0.1 per cent versus a 10.3 per cent drop in the prior-year period.
News from © The Associated Press, 2014