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More on Best Buy (BBY): Comparable-store sales down 1.6% Y/Y, with international falling off...

More on Best Buy (BBY): Comparable-store sales down 1.6% Y/Y, with international falling off 8.2%. Domestic market share maintained. Suspends it share buyback. Pulls specific earnings guidance for FY13, saying only that it has reduced its expectations. Conference call ongoing (webcast). Shares -8.1% premarket. (PR)
Comments (1)
  • Long On Life
    , contributor
    Comments (77) | Send Message
    X-Money is right on target. I have had many experiences with their floor salespersons and most know less about the products than I do. Do they train these people in the products or just how to write up a sale? Also, the people at the customer service desk up front are usually unfriendly and just spout off the company policy for returns and refunds. Example: My wife bought a TV (gift) which I wanted to trade for a larger display. They did not have any of the ones I wanted and tried to push a single unit on me that was the only one they had in stock so I decided to just get a refund and shop elsewhere. They would not refund in cash even though my wife paid cash. We had to wait two weeks for a check to be mailed. This tells me that they are desperate for cash as they are low in stock and won't refund cash when cash was paid. This store recently closed even though the parking lot was always full. If I extrapolate this up, I'd say this is a company that has focused so much on low price, that they have lost focus on everything else that customers value. I'm thinking of shorting them.
    21 Aug 2012, 09:28 AM Reply Like
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