Best Buy has released its results for the third quarter, showing slower performance than it had expected.
The main drawback was in the US market where sales fell by five per cent, which the retailer attributes to low demand in various product categories. However, Best Buy Europe reported a two per cent like-for-like increase in sales, fuelled by demand for smartphones.
“I am grateful for the hard work and dedication of our employees in the start of the holiday shopping season,” said Best Buy’s CEO, Brian Dunn. “While sales were lower than we expected during the quarter, I’m pleased with our strong store execution, solid gross margin expansion and efforts to control costs.”
Following the results, Best Buy’s share price dropped by 15 per cent.