Shares of a number of department and discount stores moved lower in afternoon trading after the world's biggest retailer, Wal-Mart (WMT), reportedly said that its sales in February have been "a total disaster. And I'm sure struggling BBY was soooo much better. "The Sting" is on.; ))
holly, I don't think BBY's price match policy is going to have customer's run to another store or on-line. Of course they are giving away margin in exchange for that but Joly is planning on removing cost from the business.
This should be another opportunity to either add to a short here or soon or play it safe and wait until after earnings/Schulze sort of goes away. (at least the buyout threat part)
As you know sometimes stocks move to extremes, i.e. AMZN was/is to the high side and BBY at under $12 was a little too little too soon. It just was.
They love it until they hate it. (AMZN)
Or in the case of BBY they really hate it until they almost like it.
Now that said, long term I'm not a believer here but short term it has certainly swung and I'm sure sometime soon it will swing back unless Schulze pulls of his buyout (I doubt it) or Joly performs one heck of a turnaround (I kind of doubt that too).
here you go. pssst..mp, try moving to other webpages and searching ; ):
February monthly sales are a “total disaster,” a Wal-Mart WMT -2.15% vice president wrote in an email to executives, Bloomberg reported Friday afternoon. Disappointing sales figures were driven by payroll-tax increases that hit shoppers who were already battling tough economic conditions.
“In case you haven’t seen a sales report these days, February MTD sales are a total disaster,” Jerry Murray, Wal-Mart’s vice president of finance and logistics, said in a Feb. 12 email to his fellow executives, referring to month-to-date sales. “The worst start to a month I have seen in my [approximately] 7 years with the company.”