Best Buy drops after cautious comments on competitive pressure - TopicsExpress



          

Best Buy drops after cautious comments on competitive pressure during holidays Shares of Best Buy (BBY) are retreating after the company reported higher than expected third quarter earnings, but made cautious comments about its fourth quarter gross profit margin. The electronic retailers earnings beat consensus expectations and its revenue was in-line with the consensus estimate. Best Buys U.S. comparable store sales rose 1.7%, while its overall comp sales advanced 0.3%. But, noting that its competitors appear set to offer sales during Black Friday and the rest of the holiday season, Best Buy indicated that it would have to follow suit. The retailer warned that these discounts would have a negative impact on its gross profit margins next quarter.
Posted on: Tue, 19 Nov 2013 20:01:00 +0000

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