Aug
26
Best Buy Sticks With Turnaround Plan Despite Sales Decline
Posted in: Uncategorized
Best Buy Co., the world’s largest electronics chain, dropped the most in seven months after predicting that sales would continue shrinking for the rest of the year, dragged down by a lack of must-have new gadgets. according to the company.
But during first half, the company cut overall marketing spending by 26% and slashed TV spending.
Sales fell short of analysts’ estimates in the period ended Aug. 2, declining 4 percent to $8.9 billion for a 10th straight quarterly drop. Same-store sales will decrease by a “low single digit” rate in the third and fourth quarter, Richfield, Minnesota-based Best Buy said today in a statement.
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