Breaking News         Latest US News              New York News              Fx Tribune

Top 5 Reasons Why Businesses Outsource
Best Buy, the No. 1 US electronics retailer, reported an unexpected decline in holiday-quarter same-store sales on Wednesday, hurt by weak demand for tablets, gaming consoles, wearable devices and mobile phones.Shares of the retailer, which also forecast...

Best Buy’s stock gets hammered on lackluster holiday sales

Best Buy, the No. 1 US electronics retailer, reported an unexpected decline in holiday-quarter same-store sales on Wednesday, hurt by weak demand for tablets, gaming consoles, wearable devices and mobile phones.Shares of the retailer, which also forecast...

Best Buy’s stock gets hammered on lackluster holiday sales

Best Buy, the No. 1 US electronics retailer, reported an unexpected decline in holiday-quarter same-store sales on Wednesday, hurt by weak demand for tablets, gaming consoles, wearable devices and mobile phones.

Shares of the retailer, which also forecast a 1-2 percent decline in current-quarter same-store sales, slumped more than 9 percent in premarket trading.

Best Buy’s sales at stores open for more than a year fell 0.7 percent in the fourth quarter, widely missing analysts’ average estimate of an increase of 0.5 percent, according to research firm Consensus Metrix.

Brick-and-mortar retailers are currently under pressure from slow U.S. economic growth and fierce competition from online rivals such as Amazon.

Total sales at US electronics and appliance stores were down about 4 percent in December, according to data from the U.S. Department of Commerce.

Best Buy’s net revenue fell 1 percent to $13.48 billion in the three months ended Jan. 28, missing the average analyst estimate of $13.62 billion, according to Thomson Reuters I/B/E/S.

However, cost cutting efforts boosted the company’s net income, which rose to $607 million, or $1.91 per share, from $479 million, or $1.40 per share.

Excluding items, Best Buy earned $1.95 per share, beating the average estimate of $1.67.

Best Buy also increased its quarterly dividend to 34 cents per share from 28 cents and announced a share repurchase plan that accelerates from $1 billion over two years to $3 billion over two years.

With fewer planned cost cuts and innovative new electronics on the horizon, analysts have voiced concerns that 2018 could be a tough year for Best Buy, which has been launching buybacks to drive earnings per share growth.

Our editors found this article on this site using Google and regenerated it for our readers.

Publish Date : 01 Mart 2017 Çarşamba 08:29

Breaking News Headlines

Challenges of Studying MBA online and Suggestions to Overcome Them
Challenges of Studying MBA online and Suggestions to Overcome Them
Was Road-Rage To Blame For This New Jersey Semi-Truck Accident?
Was Road-Rage To Blame For This New Jersey Semi-Truck Accident?
Tobacco is the leading cause of cancer – Switch to e-cigs to avoid premature death
Tobacco is the leading cause of cancer – Switch to e-cigs to avoid premature death
Technology Advancements: How will Things Change?
Technology Advancements: How will Things Change?
Bad Science – Ensuring We Keep Things Simple
Bad Science – Ensuring We Keep Things Simple
A Meaningful Life: Just What You Need for Better Health
A Meaningful Life: Just What You Need for Better Health
What to Expect at the Canadian Citizenship Test and Tips to Prepare
What to Expect at the Canadian Citizenship Test and Tips to Prepare
Tipping in America- What Should You Know as a Traveler?
Tipping in America- What Should You Know as a Traveler?
Sepi proposes to the ex-minister Miguel Sebastian as a director of Indra
Sepi proposes to the ex-minister Miguel Sebastian as a director of Indra
There are two Spains in the employment
There are two Spains in the employment
Valerio dodge the shock with the CEOE and downgrade to 7% the rise of the bases maximum contribution
Valerio dodge the shock with the CEOE and downgrade to 7% the rise of the bases maximum contribution
Spain puts an end in the EU in four years of cuts in the quota of hake south
Spain puts an end in the EU in four years of cuts in the quota of hake south
POLLS Results ALL
Who is the most powerful actor in Syria

Front Pages
  • The Sun
NEWS ARCHIVES