Best Buy's sales are down.
Best Buy said it expects sales at stores open at least 14 months, or same-store sales, to fall slightly in the fourth quarter on lower revenue for advanced televisions, MP3 devices and video games.[MSN] (Thanks, Matt!)Shopper traffic declined in January, Best Buy said, as U.S. consumers hesitated to part with their dollars in the face of higher food and fuel costs and a slowing housing market.
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The funny thing is sales could drop by 0.00001% and they'd cite higher food and fuel costs, but they could have also risen by 0.00001% and they'd cite a completely different set of reasons like falling interest rates.
Wait, does that mean we're winning?
@timmus: So you're saying that even the Magic 8 Ball used to determine why oil prices go up and down has found a second job during this economic downturn? :)
Thats' what happens when I don't use the gift cards people gave me.
Might be because they never have competitive prices on anything anymore?
Might have something to do with the millions of $$$ they plunked down on Eliott Sadler's #19.
I am an Ray Evernham fan, but I am finding it hard to root for someone with Best Buy plastered on the hood.
Go Kasey Kahne
@timmus: The reason they gave is "soft domestic customer traffic in January" because of the "challenging macro-economic environment". [phx.corporate-ir.net]
@Asvetic: Nope! Customer satisfaction improved. Everybody celebrate!
Maybe they should add tasering people, wiping out people's hard drives and stealing their nudie pics as other reasons. I don't see how they thought they could get away with that bull crap. We're not in the industrial revolution with only the newspaper as the watchdog.
I was wondering why they didn't point out their wonderful customer service as a reason why their sales didn't fall even more than they did. After all, the customer is king at Best Buy, and they will bend over backwards to make sure you are 100% satisfied before you leave the store.
The only group that does a better job that I can think of is the Geek Squad people who not only get the job done right the first time, they also insure that your privacy is their top concern and that your equipment is safe with them!
Good for them, and I hope that Best Buy continues to reap the rewards of their hard-working, knowledgeable and most of all, COURTEOUS staff!
/sarcasm off now
o rly?
First draft: "The dip in sales is the result of a boycott from child porn enthusiasts upset that the Geek Squad has helped police arrest countless such criminals. Best Buy welcomes the loss of their business moving forward."
Or their customers are just putting off that xbox pruchase until the gubment sends em 600 bucks.
As much as I loathe Best Buy, they've pretty much priced their small-business counterparts out of the business. I hate that I have very little choice but to go to Best Buy for certain items, especially if I need it immediately.
Maybe its the traditional lack of sales after everyone wastes their money on Xmess? Isn't this time of year downtime for ALL retail?
Sounds like there's an automated "quarterly loss excuse randomizer" at work here. Throw out enough of those phrases and biz reporters will just recite them back on cable shows to sound like they know what they're talking about.
So if there was HARD domestic customer traffic BB would be OK? And when ISN'T there a "challening macro-economic environment"?
@BaysideWrestling: There isn't one when everyone is talking about consumer confidence instead of recession. If Best Buy said "recession" in a press release there'd be a market panic. But don't worry, the president and COO is optimistic:
Historically, times like these have created the best opportunities to distance ourselves from the competition. Accordingly, we plan to move faster in those areas where we can provide a differentiated experience to customers and deliver long-term value for our shareholders.... The relationships between our employees and our customers are the foundation for our growth.... By focusing on our customers, we believe we can achieve even greater heights.
I know bots are the in-thing but they really do need to hire some humans to work over at BestBuy's customer relations and execs board.
BEST BUY SUCKETH
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oops sorry...............
hugh, I was just in Best Buy yesterday to actually buy something(it's been a while, mostly because they don't have what I want) and I had one of the worst consumer experiences of my life. They use to be great now they are CC from 10 years ago. The people there are clueless and actually talk with a condescending attitude. Three people in three different departments. 76st in Milwaukee if you are looking BB.
I might never even go in there again I felt so bad after I left. They can go out of business as far as I care.
I had the worst experience in my life at Best Buy here in Fresno. I purchased a new Gateway desktop and began having problems 15 days after purchase - of course the return deadline is 14 days. The return desk/geek squad/MOD were so rude to me and the MOD told me "The only customers we try to make happy are the ones who purchase the extended warranty". Yeah right, ran into such consumer today at BB and her computer has been at Geek Squad since Nov. Next, I am contacting BBB and Corporate Officers - NEVER SHOP AT BEST BUY!!
Sorry, but contacting BB corporate officers is a complete, total waste of time. Trust me on this. Get a lawyer. BTW, I'm surprised Gateway hasn't been nominated for both crappy products and bad support.
Pat
@shellifranco: Why not contact Gateway for support? You know, the manufacturer, who provides a warranty?
Since everyone who reports quarterly profits as going up has their share price fall, I now predict that, according to Bizarro Economics, Best Buy's share price will rise.
Oh my little heart is a-breakin'. Or, you know, not.