Best Buy posts disappointing December
Minneapolis -- Best Buy Co. reported Friday that December sales were less than the company anticipated, as fewer-than-expected shoppers filled the retailer’s stores over the holiday selling month.
Same-store sales fell 1.2% in December, an improvement from the 4% drop in the same period last year. Total revenue was flat at $8.4 billion. Its online division shone, recording a 26% rise in revenue for the month.
Despite the lackluster showing in December, Best Buy reaffirmed its annual guidance.
“Based on our performance in December we continue to expect to achieve our annual guidance, despite customer traffic that was lower than expected until the last week before Christmas, which resulted in December revenue that was slightly lower than our expectations," said CEO Brian Dunn