Best Buy Plunges After U.S. Holiday Sales Decline
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Best Buy Co. plunged the most in more than 11 years after saying U.S. same-store sales fell in the holiday shopping season as price cuts failed to draw as many shoppers as expected.
The shares slid 28 percent to $26.95 at 9:53 a.m. in New York and earlier plummeted as much as 31 percent for the biggest intraday decline since August 2002. Domestic sales at locations open at least 14 months and on the Web fell 0.9 percent in the nine weeks ended Jan. 4, the Minneapolis-based chain said in a statement. Discounts led to lower-than-expected operating profit, the retailer said.