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BREAKING- Best Buy Plunging After Disappointing Data

Shares of Best Buy (NYSE: BB Y) are down 20 percent in premarket trading after the company said that holiday sales were nearly one percent lower.

According to the press release, holiday sales were down 0.9 percent compared to analyst consensus of up two percent.

Best Buy president and CEO, Hubert Joly said,

“…our holiday revenues were negatively impacted by a number of factors, including: (1) the aggressive promotional activity in the retail industry during the holiday period, which we believe did not result in higher industry demand and had a deflationary impact on our revenue; (2) supply constraints for key products; (3) significant store traffic declines between “Power Week” and Christmas; and (4) a disappointing mobile phone market.”

Disclosure: At the time of this writing, Tim Parker had no position in the company mentioned.

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