Best Buy sees Christmas like-for-like sales fall 6.5%
US-based consumer electronics retailer Best Buy has reported that its revenue over the Christmas period for the month ended 3 January 2009 dropped 6.5% on a like-for-like basis. The company said that revenue totalled USD7.5 billion, a rise of 4% on the previous year, due largely to the addition of revenue from Best Buy Europe. In commenting on fiscal December's revenue results, Brad Anderson, Vice Chairman and Chief Executive Officer, stated: "While the environment continues to be as challenging as we expected, consumers are being drawn to brands that they trust, and they are responding to our customer-centric model. In this light, we believe the market share gains we've been making will be sustained." The company said that revenue from its websites increased 34%, however demand for goods such as household appliances fell dramatically.
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