More on Best Buy's meltdown

|About: Best Buy Co. (BBY)|By:, SA News Editor

Best Buy (BBY) blames a runaway promotional train for driving holiday sales lower on weak pricing it was cornered into by early promises.

Sales gains in the appliance and gaming categories were more than offset by the widespread weakness seen in other areas.

On top of its promotional headaches, Best Buy says it also faced supply constraints on select products during the period.

Online sales rose 23.5% for the holiday season.

Quick analyst take: Expect store closures.

BBY -32.4% premarket to $25.39.