Best Buy holiday sales slide despite online boost

Best Buy (BBY) on Friday reported sales results for the nine-week period ending on January 5th, 2013. The nation’s largest consumer electronics retailer said total revenue slid 1.4% year-over-year to $12.8 billion between October and January, but domestic comparable sales rose slightly and online sales grew by 10%. ”One of the first priorities of our Renew Blue strategy is to stabilize and then begin improving our comparable store sales,” Best Buy President and CEO Hubert Joly said. “During the most important period in the retail calendar – the holiday sales season – we were able to improve our Domestic comparable store sales trends compared to the performance of the last several quarters and continue our strong traffic growth in our online business. Our holiday selling strategy, backed by a compelling assortment, increased employee training and price match policy, allowed us to deliver these results.” Best Buy shares closed up 16.38%‎ at $14.21 on the news.

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