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Consumer electronics retailer Best Buy (BBY) took a polar bear plunge Thursday after the company gave a disappointing post-holiday outlook. Best Buy shares were down 13% in midday trading in the stock market today, at a two-month low near 35. The Richfield, Minn.-based company on Thursday said domestic comparable store sales rose 3.4% in the nine weeks ended Jan. 3 compared with the year-earlier period. Best Buy, though, had modeled for flat same-store sales in the period. “A compelling merchandise assortment, strong multichannel execution and a more favorable year-over-year macroeconomic environment drove these better-than-expected results,” Best Buy CEO Hubert Joly said in a statement. “We were also able to capitalize on the product cycles in large screen televisions and mobile phones. These two categories were the primary drivers of our year-over-year revenue growth, more than offsetting significant weakness in tablets.” Best Buy’s domestic revenue rose 4.1% to… Scalper1 News
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