Best Buy Co., the world’s largest electronics chain, dropped the most in seven months after predicting that sales would continue shrinking for the rest of the year, dragged down by a lack of must-have new gadgets. according to the company.
But during first half, the company cut overall marketing spending by 26% and slashed TV spending.
Sales fell short of analysts’ estimates in the period ended Aug. 2, declining 4 percent to $8.9 billion for a 10th straight quarterly drop. Same-store sales will decrease by a “low single digit” rate in the third and fourth quarter, Richfield, Minnesota-based Best Buy said today in a statement.
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