Best Buy shoppers spend less than expected for qtr

Best Buy shoppers spent less than expected this spring, contributing to a rocky first quarter for the chain and disappointing Wall Street, but executives said the weak results don't mean Americans have less of an appetite for electronics.

The company's profit edged up 1 percent but fell far short of what analysts were expecting. Best Buy stock tumbled 6 percent.

Company executives pointed out Tuesday that the first quarter makes up just 10 percent of Best Buy's annual revenue and expressed confidence in Americans' demand for products such as phones and computers.

"While spending clearly rallied from low levels of 2009, our data paints a picture of a consumer coming out to spend, and spend well, during important events, but taking pauses in between," CEO Brian Dunn said in a call with analysts.

Read Full Article from The Associated Press

- Posted: 2010-06-15 13:11:10

More Stock Investor Place Company News

Alibaba's Jack Ma Is Moving On, With an IPO Looming Pfizer’s Possible Unit Shuffle Triggers Breakup Concern Lululemon Raises 4th-Quarter Guidance But Misses Expectations; Shares Down Dell Shares Surge After Report of Possible Buyout ARMZ Seeks Rest of Uranium One for $1.3 Billion; Won’t Raise Bid

Stock Investor Place Company News Archive

January 2013 December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2012 May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 June 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008