Best Buy returned to a profit in the fourth quarter and topped Wall Street expectations as it cut costs to offset declining sales. The specialty electronics retailer says it gained market share during the quarter and shares jumped 5 percent in premarket trading Thursday.
On Sunday, sports fans will be huddling around a big screen TV to watch the Super Bowl, which could help explain the surge in TV sales this week. The National Retail Federation said around 7.7 million TVs are sold in the week leading up to the Super Bowl, the most popular being 50 inches or bigger.
Shares of Best Buy sank 27 percent after the company said sales declined during the holiday shopping season, which was marked by weak consumer spending and heavy sales promotions by retailers.
Turkey Day has become a story of two birds: the kind you eat and the early kind. With fewer shopping days between Thanksgiving and Christmas this year, stores like Target, Best Buy and Toys R Us opened on Thanksgiving night.
Electronics retailer Best Buy Co. returned to a profit in the third quarter as the busy holiday season revs up. But the company says it expects a tough competitive environment during the holiday season.
More and more stores are announcing that they’ll be open on Thanksgiving, and some will even be opening earlier. It’s a phenomena some call the “Thanksgiving creep.” On Monday, Target announced they would open on 8 p.m. on Thanksgiving – an hour earlier than last year. Another hometown company, Best Buy, will open even earlier, at 6 p.m.
Black Friday shopping at Best Buy will kick off at 6 p.m. on Thanksgiving, the company said in a release. Stores will then remain open until 10 p.m. on Friday, Nov. 29. Best Buy said customers wanted to shop on Thanksgiving evening last year, so the Richfield-based company is catering to that trend.
Best Buy has a new strategy and is excited about the holiday shopping season. But just 12 months ago, many business analysts wondered if the iconic Minnesota retailer would even survive. The stock was in free fall, the former CEO was accused of having an affair with an employee and was ousted, and the founder of the company was attempting a hostile takeover.
While many other consumers will simply avoid holiday crowds at shopping malls or even wait until Cyber Monday, retail stores across the nation will be buzzing with activity on the day after Thanksgiving. The following are five of the best American cities for Black Friday deals.
It’s a source of pride for many Minnesotans – the number of Fortune 500 companies that call Minnesota home. “We live in an amazing state, so I thought a big percentage were here,” said Diane Anderson, of Minneapolis.
Best Buy’s net income rose sharply in the second quarter, as the struggling electronics retailer slashed costs and worked to make its website more competitive. The nation’s biggest specialty electronics company beat Wall Street expectations and its shares were up 10.5 percent at $33.97, marking a two-year high.
Some consider it the next big thing, and it’s going on sale at Best Buy. The Richfield-based retailer of consumer electronics is out with a “smart watch.” It’s being described as something like a smart phone, only it fits around your wrist.
Best Buy Co. on Tuesday reported a loss in its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores. Its adjusted earnings beat Wall Street expectations, but revenue fell short as the company faced tough pricing competition during the quarter. Its shares fell in premarket trading.
Best Buy is looking to exit Europe, selling its stake in its joint venture there to partner Carphone Warehouse Group PLC in a cash-and-stock deal valued at 500 million pounds (about $775 million).