Best Buy (BBY) Craters, Market Yawns
January 9, 2009 by Douglas A. McIntyreNo one is his right mind is likely to be happy with the Best Buy (BBY) numbers for December. Same-store sales dropped 6.5%. Sales rose a modest 4% to $7.5 billion.
The figures were an example of just how bad the retail environment is and Best Buy is considered on of the best-run chains in America.
BBY’s US-based operations generated $5.9 billion in revenue for fiscal December, which was nearly unchanged compared with last year’s period.. Unlike Wal-Mart (WMT), Best Buy did well overseas. The company’s international segment increased its fiscal December revenue by 29 percent to $1.6 billion.
Even though the numbers were bad, the market must have expected worse. BBY shares were up a fraction to $29.90 in pre-market trading.
Douglas A. McIntyre
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