News

Minneapolis -- Best Buy Co. reported Friday that December sales were less than the company anticipated, as fewer-than-expected shoppers filled the retailer’s stores over the holiday selling month.

Same-store sales fell 1.2% in December, an improvement from the 4% drop in the same period last year.  Total revenue was flat at $8.4 billion. Its online division shone, recording a 26% rise in revenue for the month.

Despite the lackluster showing in December, Best Buy reaffirmed its annual guidance.

Online sales increased 15% to $35.3 billion from Nov. 1 through Dec. 25 compared with the same time period the prior year, according to the online measurement firm comScore.

Just in time for the Consumer Electronics Show next week in Las Vegas, Market Research Solutions (MRS) is out with a new report that provides unconventional insights into the 2011 holiday season and outlook for 2012.

The Tampa, Fla.-based research firm surveyed 272 department managers in early December at such retailers as Walmart, Target, Best Buy, HhGregg and dominant regional players to gain a unique perspective on a category of business that is the most dynamic in retail. Among some of the key findings MRS provided exclusively to RetailingToday.com were:

PHOENIX — PetSmart CEO Robert Moran has taken on the additional role of chairman of the board, the company announced Friday. Moran has been the company's president and CEO since 2009, and served as president and COO from 2001 to 2009. Phil Francis, previously executive chairman, will remain a member of the board.

San Diego -- Warehouse club operator PriceSmart said Friday that net income for the quarter ended Nov. 30 edged down to $14 million, compared with $14.9 million in the year-ago period.

Net warehouse sales increased 24.1% to $468.3 million from $377.3 million, and total revenue rose to $478.7 million from $386.1 million.
 

Just when it looked like Walmart shares might be ready to make a run earlier this week after poking above $60 for the first time in more than three years, along came Target to spoil the party.

Hampshire, United Kingdom -- The global redemption rate of mobile coupons will average at over 8% by 2016, which represents an eightfold increase over the best paper coupons campaigns, according to a new report from Juniper Research. North American and Western European markets are now beginning to follow the same growth path as the Far East & China and by 2016 there will be over 600 million regular mobile coupon users worldwide.

Family Dollar reported quarterly results after the market closed Thursday and offered a reminder why Walmart suppliers who participated in last month’s Connecting Northwest Arkansas Supplier Survey ranked dollar stores as the greatest competitive threat to Walmart in the next five years.