Best Buy posts flat comparable sales in holiday season

Published January 11, 2013

| Reuters

Best Buy Co Inc said holiday sales at its established U.S. stores were flat in the recent holiday season, while total revenue slipped 0.4 percent during a critical time for the world's largest electronics chain.

In the nine weeks ended January 5, sales at stores open at least 14 months were flat in the United States and fell 6.4 percent internationally on declines in Canada and China, Best Buy said on Friday.

The news came amid a wide organizational restructuring under new Chief Executive Officer Hubert Joly and a looming buyout proposal by founder and former Chairman Richard Schulze.

(Reporting by Jessica Wohl in Chicago, Additional reporting by Dhanya Skariachan; Editing by Lisa Von Ahn)

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