Rivals, Weak TV Sales Weigh on Best Buy’s Profit
Best Buy Co. is losing the confidence of investors who worry that its big-box business model looks increasingly antiquated as online purchasing grows ever stronger among cost-conscious shoppers.
The world’s largest electronics chain reported a 30% plunge in quarterly profit and saw its stock tumble as sales at its U.S. stores open at least 14 months dropped for the fifth-consecutive quarter.
While the Richfield, Minn., retailer reported gaining market share in smartphones and tablets, the hot growth categories in electronics retailing, those gains fell far short of offsetting declines in its old cash cows, sales of televisions and computers.
