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Best Buy quarter shows little sign of tech splurging
MINNEAPOLIS — Earnings and comparable-store sales slipped at Best Buy, where the retailer suffered slower sales in key departments and a slowdown in consumer spending. Best Buy has reported net earnings of $177 million, or 47 cents per diluted share, for its fiscal second quarter ended Aug. 27, compared with $254 million, or 60 cents per diluted share, for the prior-year period.
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Market Track: August 2011
In the month of August, there was an overall 2% decline in pages and 5% decline in inserts per market versus 2010.
Lowes was one of the retailers who slowed promotional activity in 2011, by entirely pulling out two weeks of 2-page inserts and by decreasing their page-per-flyer count by an average of 4 pages.
