Best Buy-Bye?

[marmar]

(Bloomberg) Best Buy Co. (BBY), the retailer resisting a takeover attempt by its founder, said fiscal third-quarter profit will be “significantly” below last year’s results as sales at established stores continue to decline.

Comparable-store sales will drop at a rate consistent with the first two quarters, Richfield, Minnesota-based Best Buy said yesterday in a statement. Same-store sales fell 5.3 percent in the first quarter and 3.2 percent in the second.

Chief Executive Officer Hubert Joly, who started last month, put himself in charge of the U.S. business after eliminating the jobs of two senior executives. He’s accelerating turnaround efforts as the world’s largest consumer-electronics retailer tries to revive slumping sales and fend off rivals such as Amazon.com Inc. and Wal-Mart Stores Inc.

“We see limited opportunity for a turnaround in sales and think gross margins will compress from an attempt to be more competitive in the fourth quarter,” Ian Gordon, an analyst at Standard & Poor’s in New York, wrote in a note. He cut his Best Buy rating to sell from hold. ................(more)

The complete piece is at: http://www.bloomberg.com/news/2012-10-24/best-buy-says-third-quarter-profit-will-fall-significantly-.html

[xchrom]

1. Du rec. Nt

[Thrill]

2. They can't compete with Walmart. Much like Circuit City

.

[RoxyNexus]

8. Or Amazon and the rest of the online choices

I've recently purchased a new laptop from Amazon for my wife and 5 Nexus 7's from Google play as Christmas gifts for the grandkids .

My wife can't do a tablet because of eyesight and arthritis problems and the grandkids keep grabbing mine when they come over. (It's amazing how fast they just pick it up and start using things)

Anyway, even as an old guy I never even considered going to a traditional store to shop. Not that I have anything against Best Buy and the rest, I just don't even think of going there anymore.

[elfin]

3. Hope not for the one near me

Excellent and helpful staff. Has what I need when I need it with full explanations and great return policies.

[rhett o rick]

4. Why worry, this is just capitalism at work.

On second thought, worry.

[naaman fletcher]

5. Totally irresonpsible not to take the buyout from the founder.

Managment has no idea what to do. The founder has a plan (who knows if it will work or not), and will pay a good price to try it. It is in the interests of the shareholders to sell, but existing management doesn't want to lose their jobs.

[strongermessage]

6. Why not end all competition and just make mall wart the national supplier of everything?

[longship]

9. Yes, and just rename it "STORE"

Put outlets on all commercial corners worldwide.

Capitalism at work.

[noamnety]

7. fuck best buy.

I've been trying to resolve a warranty issue with them for 5 months now, with no success. For the last month + it's been a formal complaint through the BBB, which they listed as resolved based on their "promise" to send me a refund check, which of course never showed up ... followed by their claims to be cancelling the old check and expediting a new one which I still don't have.

The check is after three rounds of them sending me the wrong repair part over and over, then explaining that they couldn't send the right part because they aren't allowed to buy it - so they just downgraded the part they were replacing to have less capacity than what they warranteed. They're sending me the check (they claim) so I can buy the part I need directly from Toshiba because they "aren't allowed to."

Seriously, it's the most screwed up customer service I've dealt with in a long long time. It's like going to a restaurant and ordering a steak and getting a burger - and sending it back because it's the wrong order, then having them cook up a fresh burger and deliver it to you, sending that back, then sending it back again, only to get a third burger, and sending it back. Then getting nothing at all back. Then complaining and having the manager explain they kept sending the burgers because even though steak is on the menu, they aren't allowed to serve it.

They apparently saw my previous post about Dell and decided to enter the competition: http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=105&topic_id=6383689&mesg_id=6384593