Best Buy's Stock Slips After Government Data Shows Drop In Electronics, Appliance Store Sales

By Markets MarketWatch Pulse

Shares of Best Buy Co. Inc. slipped 0.6% in premarket trade Friday, bucking gains seen in the broader market, after government retail sales data showed sales at electronics and appliance stores falling in September. Sales at electronics and appliances stores fell 0.9% since August, according to Department of Commerce data, even though Apple Inc.'s new iPhones went on sale in September, and declined 3.8% from the same period a year ago. In Best Buy's fiscal second-quarter results, sales of consumer electronics, computing and mobile phones and appliances accounted for 90% of Best Buy's revenue. Among other consumer electronics and appliance retailers, HHGregg Inc.'s stock was still inactive in premarket trade, as was the SPDR S&P Retail ETF . Best Buy shares have soared 25% over the past three months, while the retail ETF has has lost 1.6% and the S&P 500 has slipped 1.4%.

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