Best Buy sees sales fall in December
The retailer sales sales fell slightly below expectations in December, a crucial month for retailers when holiday shoppers can account for up to 40 percent of sales for the year.
The retailer sales sales fell slightly below expectations in December, a crucial month for retailers when holiday shoppers can account for up to 40 percent of sales for the year.
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The retailer's stock dropped in early trading after the company announced profits fell 29 percent, missing Wall Street's expectations. But, as the Business Journal reports, sales are up, both in stores and online. Black Friday advertising and a one-time fee over store closures in the U.K. drove down profits.
The Richfield-based retailer has watched the value of its shares drop more than 50 percent over the past two years as it struggles to grow sales. If the trading price continues to fall below the option price, the options held by executives are valueless. The Star Tribune explains ...
About 2,000 loss-prevention workers at Best Buy are being moved away from store entrances to help sell more merchandise, Bloomberg reports. A spokeswoman with the troubled Richfield-based big-box retailer says no one is being let go.
Best Buy celebrates the grand re-opening of its remodeled Richfield store this weekend. The store's size was reduced by 20 percent. Shelf heights are lower. Less merchandise is stored on the sales floor and skylights provide natural light. If it succeeds, the Richfield store could be a model for many of the reeling retail chain's other outlets.
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