Best Buy Stock Drops After Disappointing Holiday Sales
In an effort to compete with online retailers, Best Buy was forced to cut prices, resulting in a decrease in holiday sales compared to last year.By Laura Heck | January 16, 2014
Best Buy's stock opened at a 30 percent decrease Thursday as the company announced its holiday season numbers, which were anything but jolly.
Best Buy reported these earnings only one day after retailer J.C. Penney announced an upcoming layoff of 2,000 workers. Other retailers including American Eagle Outfitters and Express have reported significant revenue drops as well. (Via USA Today)