Best Buy blamed weaker-than-expected fiscal third quarter results in
part on consumer reluctance to buy more expensive 3DTVs and
Internet-connected sets as well as price competition for lower-end TVs
and notebook PCs.
In the U.S., quarterly revenue from Best Buy
stores open at least 14 months fell 5% year-to-year compared with the
company's expectations of flat or modest growth. On the poor results and
a lowered outlook for the full fiscal year, Best Buy shares fell 14.8%
Tuesday, down $6.18 for the day to close at $35.53.
In the TV
category, "the newer technologies like 3D and IPTV... have been slower
to take hold," Best Buy CEO Brian Dunn said on a conference call with
analysts Tuesday.
Click here for the full story at Multichannel.com
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