Best Buy Holiday Revenue Down From Last Year - Quick Facts

(RTTNews) - Best Buy Co. Inc. (BBY) announced revenue results for the nine weeks ended January 4, 2014, as compared to the nine weeks ended January 5, 2013. Total revenue was $11.45 billion, compared to $11.75 billion. Domestic comparable store sales declined 0.9% during the period.

The company said its domestic comparable store sales were negatively impacted by continuing rationalization of non-core businesses. Excluding the impact, the company estimates domestic comparable store sales would have declined approximately 0.7%.

Hubert Joly, Best Buy president and CEO, said: "Our holiday revenues were negatively impacted by a number of factors, including: the aggressive promotional activity in the retail industry during the holiday period, which we believe did not result in higher industry demand and had a deflationary impact on our revenue; supply constraints for key products; significant store traffic declines between "Power Week" and Christmas; and a disappointing mobile phone market."