Best Buy's Disappoints on Holiday Sales, Lowers Margin Guidance Videos
Best Buy shares tumbled on Thursday after the consumer electronics retailer said that comparable store sales for the first nine weeks of the quarter fell 0.9% for its roughly 1,500 U.S. stores. Total revenue, which includes international business, fell 2.5% $11.5 billion. Competing on price to win customers ultimately hit Best Buy's margin. The company revised its forecast for operating margin saying it would now be 175-185 bps lower than last year's fourth-quarter margin. The Street's Laurie Kulikowski reports.
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