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Best Buy Expects Sales Softness Through Holiday Shopping Period


Shares of Best Buy dropped on Tuesday making it TheStreet's Move of the Day. The electronics retailer tripped after reporting a dip in sales over its second quarter, and warning of continued weakness through to the end of the fiscal year. Over the three months to July, comparable sales slipped 2.7% and gross sales tumbled 4% to just under $8.9 billion, missing estimates. This marks the third consecutive quarter of weaker-than-expected revenue. Best Buy said it also expects comparable sales to see a decline in the low-single-digits over the third and fourth quarters, with even the holiday shopping season unable to buoy spirits.