Best Buy Reports Soft December, but Online Sales Are Up
Best Buy reported today that U.S. same-store sales declined 5 percent in December compared to a strong 9.3 percent sales growth in the same period last year. The company’s performance matched the experiences of other retailers, which also reported declines at year end. In the case of the big-box electronics retailer, it said the drop was driven by softness in entertainment software and TV, but was partially offset by growth in Best Buy Mobile and appliances. Online sales were also strong, resulting in a 13 percent increase in December year-over-year.