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Best Buy Sales Decline as Smart Tech Consumers Await New Launches

Best Buy wants to prove it can survive when more customers take their shopping habits online. Its latest earnings only reflect partial success and shares are moving lower on Tuesday. Profit came in at 44 cents a share. That's a jump from a year ago and much better than estimates. Sales, however, fell 3% to $8.9 billion, which was just slightly below estimates. Traffic at Best Buy stores declined, but the retailer said once the customers are inside, they're more likely to buy something. Customers are also hyper-aware of the products' cycle. They choose to wait for refreshes when they know something better is coming, and that's not working in Best Buy's favor. CFO Sharon McCollam said, "Industry-wide sales are continuing to decline in many of the consumer electronics categories in which we compete. We are also seeing ongoing softness in the mobile phone category ahead of highly-anticipated new product launches."