Best Buy reports lower revenue as sales decline
Print Edition
BEST Buy Co Inc, the largest United States specialty retailer of consumer electronics, yesterday reported lower-than-expected quarterly revenue for the third straight quarter, citing a drop in traffic in its stores as more people shop online.
Best Buy also said it expected operating margins to remain under pressure due to higher sales of lower-margin items, continued industry softness and greater discounting in Canada and China.
“Industry-wide sales are continuing to decline in many of the consumer electronics categories in which we compete,” Chief Financial Officer Sharon McCollam said in a statement.
Sales of consumer electronics such as TVs and desktop and notebook computers fell 2.5 percent industry-wide in the quarter, the company said, citing NPD Group’s Weekly Tracking Service.
The company also said it expected continued softness in mobile phone sales ahead of the release of new models.
Apple Inc is expected to launch its latest iPhone next month.
Best Buy’s revenue fell 4 percent to US$8.89 billion in the second quarter ending on August 2. Analysts on average had expected US$8.99 billion, according to Thomson Reuters.
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