Best Buy tumbles after weak holiday results


Best Buy (BBY) is off 19.2% in premarket action after reporting holiday season comparable store sales fell 0.8%. Online sales were up 23.5%.

CEO Hubert Joly cites "aggressive promotional activity in the retail industry during the holiday period, which we believe did not result in higher industry demand and had a deflationary impact on our revenue."

CC at 8 ET

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Comments (7)
  • sabresfan21
    , contributor
    Comments (180) | Send Message
     
    Reports of Best Buy's turnaround story were greatly exaggerated.
    16 Jan 2014, 09:19 AM Reply Like
  • TAS
    , contributor
    Comments (3707) | Send Message
     
    Why is this a surprise to anyone?
    16 Jan 2014, 09:19 AM Reply Like
  • J Mintzmyer
    , contributor
    Comments (7836) | Send Message
     
    Price competitiveness "investment" LOL... What type of 'investment' is that?

     

    Sounds like a Bezos comment. Sorry Joly, you aren't Bezos.

     

    That being said, I think the sell-off is way overdone. News actually doesn't sound that bad.
    16 Jan 2014, 09:45 AM Reply Like
  • divinecomedy
    , contributor
    Comments (465) | Send Message
     
    Here's the plan for higher stock prices:
    1. Close all retail stores.
    2. Concentrate online
    3. Discard any notion of EPS
    4. Start streaming movies.
    5. Pay Wall St a ton of money through additional stock, bond offering, etc

     

    I.e. follow AMZN.
    16 Jan 2014, 03:21 PM Reply Like
  • Tgard67
    , contributor
    Comment (1) | Send Message
     
    I am not surprise! I went to BB to buy a camera and they were out. Inventory was slim!
    16 Jan 2014, 03:41 PM Reply Like
  • Sandwah
    , contributor
    Comments (43) | Send Message
     
    sic transit gloria
    16 Jan 2014, 04:43 PM Reply Like
  • loufelice
    , contributor
    Comments (11) | Send Message
     
    News wasn't a big surprise. The sell off was, to me anyway. Could this be a result of the shorts?
    16 Jan 2014, 06:34 PM Reply Like
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