Best Buy December Same-Store Sales Slip 6.5%

Richfield, Minn. Best Buy Co. Friday said its December same-store sales declined 6.5% after a drop in store traffic. By regions, U.S. same-store sales open at least 14 months dropped 6.8%, while international comparable sales fell 4.2%. The chain narrowed its fiscal 2009 profit forecast, excluding voluntary separation costs and other charges, to a range of $2.50 to $2.70 a share from its previous projection of $2.30 to $2.90.

Revenue in the month ended Jan. 3 rose 4% to $7.5 billion, in line with company expectations. Best Buy said its U.S. sales were strongest in categories where the company has recently enhanced its customer experience, including flat-panel TVs, notebook computers, and mobile phones and accessories. Revenue from its Web sites grew approximately 34% for the fiscal month, as more consumers migrated to this purchasing channel.

On Thursday, the company said about 500 corporate employees had accepted buyouts that were offered in December. The reductions represent about 12.5% of the 4,000 workers at Best Buy's headquarters.