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The
largest U.S. consumer electronics retailer's shares fell 6
percent in premarket trading on Thursday.
The company's U.S. comparable sales, excluding the impact of
installment billing plans, fell 7.2 percent in the mobile phones
and computing products category in the nine weeks ended Jan. 2.
The category had accounted for nearly half of Best Buy's U.S.
sales in the third quarter.
Best Buy, which has been facing intense competition from online
retailers such as Amazon.com Inc, had earlier said it expected
U.S. revenue to be near flat in the fourth quarter.
The company said its total comparable sales, excluding the
impact of installment billing plans, fell 1.4 percent in the
nine weeks ended Jan. 2.
Comparable sales rose 1.8 percent in the corresponding period
last year.
Revenue fell 3.6 percent to $10.96 billion.
Best Buy shares were trading at $27.54 before the bell.
(Reporting by Ramkumar Iyer in Bengaluru; Editing by Kirti
Pandey)
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