Best Buy Q1 same-store sales down 6.2 pct

B

ByLoSellHi

So, Circuit City, the only true direct competitor to Best Buy, goes away completely, and Best Buy has same store sales down 6.2%.

CHICAGO, June 16 (Reuters) - Best Buy Co Inc (BBY.N) posted a lower first-quarter profit on Tuesday, as sales at existing stores fell as thrifty consumers stayed away from buying electronics....Sales at stores open at least 14 months fell 6.2 percent.

Wow.

http://www.reuters.com/article/marketsNews/idUSN1621090020090616
 
Quote from ByLoSellHi:
Wow.
More...
Blame "it" on the DTV conversion. There was a lot of buying/sales leading up to the event. Now, nobody will do anything for atleast a few years, similar to Y2K. :cool:
 
Quote from MrDODGE:
.....BBY.....last weekend.....was dead empty.
More...
?....."everybody" was at Bonnaroo last weekend. It should be "different" this coming weekend. :D
 
BBY is a ripoff. The only time I go in there is if I need something ASAP and don't want to wait for shipping.

Plus, their selection sucks.
 
Best Buy was on fire for so long, dealing with these people (as described by their CEO), when the economy was full of liquidity and bubbles:

Store clerks receive hours of training in identifying desirable customers according to their shopping preferences and behavior. High-income men, referred to internally as Barrys, tend to be enthusiasts of action movies and cameras. Suburban moms, called Jills, are busy but usually willing to talk about helping their families. Male technology enthusiasts, nicknamed Buzzes, are early adopters, interested in buying and showing off the latest gadgets.


http://arstechnica.com/old/content/2004/11/4382.ars


I wonder what happened to Jill and Barry now that the big popping sounds of bubbles, bubbles everywhere resonates through the land?
 
Seems as if the strategy of maintaining margin by keeping prices high and not discounting to make up prior volume sales isn't working either. No sales.

Ain't no way to maintain margin. Expect more discounting. Already starting to see it b4 Q2 end.
 
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