Best Buy Q3 profit down 29%
Minneapolis — Best Buy says its third-quarter net income fell 29% $154 million, from $217 million in the year-ago period, worse than analysts had expected. The retailer’s profits were hurt by declining sales in some categories, plus a $150 million one-time charge associated with the planned closing of 11 big-box stores in the United Kingdom.
Total company revenue rose 1.7% to $12.1. Same store sales rose 0.3%.
Best Buy had 20% growth in online sales and 9% growth in mobile phone revenue in the United States, along with brisk sales in tablets, appliances, e-readers and movies. But it suffered declines in TVs, digital imaging and gaming.
Sears extending store hours for holiday shopping
HOFFMAN ESTATES, Ill. — Sears announced it will offer extended shopping hours at its stores in 260 markets to give customers extra time to shop for those last-minute gifts. The company announced that select stores will stay open until midnight everyday from Wednesday, Dec. 14 through Friday, Dec. 23.
"We listen to our customers day-in and day-out and continually adapt to the ways they shop," said Monica Woo, chief marketing officer for Sears. "During the busy holiday season when family time and budgets are stretched, it’s even more important for us to give our customers more time to shop and better value for their money."
In a national poll commissioned by Sears, 83% of participants who shop during the off-hours, such as early morning or late at night, shop these times to avoid crowds. Additionally, nearly half (46%) are motivated to shop these extended hours for better customer service while 36% go for promotional deals and prices.
Sears said it expects Saturday, Dec. 17 to be one of its biggest in-store shopping days and has announced special deals for that weekend inlcuding 75% off fine jewelry, 65% off men’s outerwear and 65% off fashion boots.
The byproduct of growth
The commute into downtown Minneapolis should get a little easier in the coming years, as Target is set to relocate nearly 4,000 technology-related workers from its headquarters to a new office in the Northern suburb of Brooklyn Park.
According to the Minneapolis St. Paul Business Journal, the transition of about 2,400 technology team members and 1,500 contract workers will begin next year. To read more, click here.