Best Buy December comps down 7%
FROM TWICE: Entertainment software down 12.2%
By Alan Wolf of TWICE -- Video Business, 1/9/2009
JAN. 9 | FROM TWICE: Best Buy’s domestic same-store sales fell 6.8 percent and net sales slipped 1 percent to $5.9 billion for the five weeks, ended Jan. 3.The December results underscore the dramatic downturn in consumer confidence and spending during the critical holiday selling season.
Best Buy attributed the comp-store sales decline to a decrease in traffic, which was partially offset by an increase in average ticket. The drop-off neutralized net sales, which included gains from the addition of 138 new stores over the past 12 months.
Total sales at Best Buy rose 4 percent to $7.5 billion for the five weeks, and comps fell 6.5 percent worldwide.
Entertainment software comps declined 12.2 percent, with music and movies down by the double-digits. Video gaming was down by the mid-single digits, primarily due to a shift toward software and reduced sales of large-ticket consoles, as well as comparisons with strong results in the prior year's period.
Read the full story on TWICE.com.
