Thursday, May 22, 2014

Best Buy Predicts Weak Sales - Bearish For Radio SHack $RSH $BBY

Best Buy's reported earnings today included this comment from Sharon McCollam, Best Buy EVP, CAO and CFO,

"As we look forward to the second and third quarters, we are expecting to see ongoing industry-wide sales declines in many of the consumer electronics categories in which we compete. We are also expecting ongoing softness in the mobile phone category as consumers eagerly await highly-anticipated new product launches. Consequently, absent any major product launches, we are expecting comparable sales to be negative in the low-single digits in both the second and third quarters"
That would be grim for Radio Shack.

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