Best Buy announces quarterly report Tuesdayby Martin Moylan, Minnesota Public Radio
St. Paul, Minn. — Best Buy on Tuesday will report on the company's holiday sales performance so far this season.
Best Buy will report sales and earnings for the quarter ending in November, including the weekend after Thanksgiving — a critically important period for all retailers.
Wall Street analysts forecast that Best Buy's sales will be up — but at the expense of profits.
"I really think we'll see pretty solid sales numbers of the company and probably a little bit ahead of what the street is looking for. at the same time, a lot of the categories they were selling well were highly discounted, flat-panel TVs in particular," said R.J. Hottovy, a retail analyst with Morningstar. "I'm concerned that we may see some downside risk to margins and operating profits, as a result."
Best Buy faces increasingly intense price competition from Amazon, Wal-Mart and other rivals, Hottovy said. Best Buy remains the nation's top consumer electronics retailer but the Richfield-based company is losing market share.