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Best Buy cuts sales view after holiday sales fall
Best Buy Co. on Thursday lowered its sales outlook for the current quarter after weak mobile-phone sales hurt holiday results.
For the fourth quarter, the electronics retailer now expects domestic sales to decline 1.5%, compared with previous guidance for flat sales, because of softer consumer demand in mobile phones and greater-than-expected declines in other consumer electronics.
Shares, which have fallen 27% over the past 12 months, slid another 6.1% to $27.48 in premarket trading.
Best Buy reported revenue edged down 0.8% during the nine weeks ended Jan. 2 to $10.05 billion. Chief Executive Hubert Joly said domestic revenue increased, excluding mobile phones, year-over-year on strength from health and wearables, home theater and appliances. The company also pointed to a 12.6% jump in online revenue. ................(more)
http://www.marketwatch.com/story/best-buy-cuts-sales-view-after-holiday-sales-fall-2016-01-14
