Consumer electronics retailer Best Buy says it’s willing to take a hit to Q4 profit to beat the competition this holiday shopping season. Best Buy (BBY) warned Tuesday that it will price aggressively this quarter to keep pace with rivals such as Amazon.com (AMZN) and Wal-Mart (WMT). “We’re in this to win,” Best Buy CEO Hubert Joly said on a conference call with analysts. “We’re playing to win as opposed to not lose.” The Richfield, Minn.-based
Consumer electronics retailer Best Buy (BBY) early Tuesday warned that its earnings will take a hit this quarter as it prices aggressively to keep pace with competitors such as Amazon.com (AMZN) and Wal-Mart (WMT). The Richfield, Minn.-based company posted fiscal third-quarter results that beat Wall Street forecasts on earnings and matched on sales. But Best Buy stock was down 9% in morning trading on the stock market today as investors reacted to
The bad-economy Grinch will hurt online retailers this holiday season, with Amazon.com (AMZN) as the lone exception, says Chad Bartley, an analyst for Pacific Crest Securities, in a research report published Monday. Bartley based his findings on discussions with retailers. Market tracker ComScore, however, forecasts a 12% to 15% increase in U.S. online sales this holiday season. But Bartley isn’t buying such forecasts. “We expect the growth to be