Prominent electronics retailer Best Buy Co. has announced a number of disappointing sales figures for the holiday season this Thursday. The company further lowered its sales outlook for the current quarter after significantly weak sales figures for mobile phones hit the company's holiday results, according to The Wall Street Journal.
During the five-week holiday season, U.S. same-store sales dropped 1.2 percent in November and December, a significant decline from the 3.4 percent surge in sales figures that the electronics retailer experienced during the same period in 2014.
Figures which include the sales of Best Buy stores outside the United States also decreased, falling 1.2 percent in the period, compared to a 2.5 percent rise exhibited during the previous year, reports USA Today.
With the announcement, Best Buy's shares slid 8.8 percent, ending at $26.70 in premarket trading. The company's shares have so far fallen 27 percent over the past 12 months.
Despite the weak figures in Best Buy's in-store sales, however, some aspects of the company improved significantly over the holiday season. Best Buy CEO Hubert Joly has stated that domestic revenue was boosted by a relatively strong demand for health products, wearable devices, home theater and other appliances, according to Retail Dive.
Perhaps the most positive aspect of the company's report comes in figures for its online revenue, with the electronics retailer's sales surging 12.6 percent in online revenue.
Best Buy is not alone in its predicament, however, with other prominent retailers such as Gamestop Inc. already reporting equally disappointing in-store sales figures during the holiday period.
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