adesso è tornata in parità... boo!!!
questo cmque il motivo della salita odierna...
holiday sales fell despite a surprisingly resilient showing in the U.S., and the consumer-electronics retailer said its cash flow continues to weaken.
Sales at outlets open more than a year fell 1.4%, coming in generally better than expected. International comparable-store sales fell, while U.S. results were flat. Shares of Best Buy surged 17% in afternoon trading.
Best Buy again cut its projection for annual free cash flow, reducing the forecast to $500 million and halving its prior forecast's top end. The causes were earlier-than-expected receipt, and therefore payment, of inventory purchases and a shift in sales mix to quick-selling merchandise categories that carry shorter payment terms.
In November, Best Buy cut its forecast of annual free cash flow to a range of $850 million to $1.05 billion. Flagging cash flow can spook suppliers, who may worry about getting paid, though Best Buy in the past has noted it also has a $2.5 billion line of credit at its disposal.
Best Buy, the world's biggest consumer-electronics retailer by sales, has been focusing on the U.S. as it attempts to turn around its operations. It has struggled with sliding sales for two years as it contends with weak product cycles in key categories such as flat-screen TVs and bitter competition, especially with online rivals.
Hubert Joly, the company's chief executive since September, said assortment, increased employee training and price-match policy, which for the first time included online matching, were major factors in the performance.
"While it will be a journey with ups and downs, we are focused on becoming an increasingly effective multichannel retailer," Mr. Joly said.
The results come at a volatile time for the retail chain, as Best Buy founder Richard Schulze weighs making an offer to take the company private. Last month, Mr. Schulze and Best Buy agreed to delay his proposal until February when holiday results were in.
The sales figures, and their relative strength, could help Mr. Schulze find the financial backing he needs. But the draining cash hinders a big financial incentive for private equity to join, and a key question remains: How much profit did Best Buy sacrifice to keep its sales aloft?
Best Buy is scheduled to report full fourth-quarter earnings at the end of February.
In the nine-week period ended Dec. 31., U.S. online revenue rose 10% to $1.1 billion, driven by higher traffic, the company said.
Overall in the U.S., categories of strength included mobile phones, tablets and ereaders, and appliances, while entertainment, televisions and computing declined.
Internationally, Canada and China drove Best Buy's same-store-sales decline, though international results were reported on a one-month lag.
Elsewhere, signs point to a limp market for consumer electronics as a whole. Data from market researcher NPD found a 7% December decline in consumer-electronics sales, following a 1% retail sales drop from Census Bureau data, likely held aloft by strong—but deeply promotional—Thanksgiving weekend business.
GameStop Corp.'s GME +2.02% holiday sales declines were steep enough for the videogame retailer to warn quarterly earnings would be at the low end of guidance. Toys "R" Us Inc. Thursday said electronics and videogames were among its weakest categories, and Barnes & Noble Inc. BKS -2.15% reported a slump in its Nook segment last week.
Write to Joan E. Solsman at
joan.solsman@dowjones.com
