Best Buy's shares up after chain posts smaller-than expected sales decline for 4Q
Best Buyโs shares rose on Thursday as the nationโs largest consumer electronics chain posted a smaller-than-expected sales decline for the fiscal fourth quarter, signaling that the bottom of spending for gadgets may be in sight.
Best Buy reports Q4 sales miss hurt by supply chain clogs
Best Buy reported a shortfall in sales for the holiday quarter as the nationโs largest electronics chain struggled with limited supplies of holiday products and was forced to reduce store hours because of a shortage of workers due to omicron.
Best Buy lays off 5,000 full-time employees, to replace them with 2,000 part-time workers
The company said it cut the jobs because more shoppers are choosing to buy online instead of coming inside its stores. Best Buy said it will replace the 5,000 full-time employees with 2,000 part-time workers. A group of workers has posted an online petition calling for Best Buy to compensate employees for lost wages related to cuts. About 792 of the nearly 4,000 signatures were from Best Buy workers, said Shannon Fulfs, the petition organizer who works at a Best Buy in the Omaha, Nebraska area. Best Buy shares fell nearly 6% to $107.05 in morning trading Thursday.
Holiday trends to watch: Adult Play-Doh; stores that ship
(AP Photo/Craig Ruttle)NEW YORK โ The pandemic is turning this into a holiday shopping season like no other. And with more people shopping online, stores are doing double duty as shipping centers to try to get gifts to doorsteps as fast as possible. Meanwhile, Best Buy says that 340 of its stores are being specially designated to handle a higher volume of online orders, though all its stores ship e-commerce packages. Its goal: to have the 340 stores ship more than 70% of its ship-from-store units during the holiday quarter. Typically, 25% of holiday shopping is based on impulse, according to Marshal Cohen, chief industry advisor at NPD Group, a market research firm.
Weak 0.3% US October sales gain spreads some holiday unease
NEW YORK โ Retail sales in the U.S. grew a sluggish 0.3% in October, even as retailers offered early holiday discounts online and in stores. Economists had expected sales to rise 0.5%, already a significant tail off from September's gain of 1.6%. Sales rose at home and garden stores, electronics and appliance stores, and online retailers. Nationwide, spending fell to 7.4% below a year ago, JPMorgan said, a drop of about 2.5 percentage points from two weeks earlier. Yet at clothing stores and sporting good shops, sales fell more than 4%.
Doing holiday shopping online? These are your shipping deadlines
JACKSONVILLE, Fla. โ Itโs being called shipmageddon: retailers and shipping companies are getting bombarded with online orders. So if youโre hoping your packages will arrive on or before Christmas Day, these companies are saying youโll want to get an early start on any holiday shopping youโre planning to do. So major retailers such as Best Buy, Target and Walmart are rolling out holiday deals early. RELATED: Experts recommend doing your holiday shopping early this yearBut itโs worth mentioning that theyโre all warning there is no guarantee your shipment will arrive on time. So, a word of advice: if youโve got holiday shopping to do, itโs probably best to start now.
Pandemic pushes start of holiday shopping earlier than ever
(AP Photo/David Zalubowski)NEW YORK โ Add last-minute holiday shopping to the list of time-honored traditions being upended by the coronavirus pandemic. Black Friday has long been the unofficial start to the U.S. holiday season, though retailers have been pushing holiday shopping earlier for the last decade or so. The first big holiday push will come from Amazon, which is positioning its mid-October Prime Day as a kickoff to the holiday shopping season. Even with the early start to the season, holiday sales are expected to deliver smaller gains than in recent years. Joel Bines, who runs the retail practice at AlixPartners, thinks the earlier shopping will stick even when the pandemic is over.
Consumer Reports: Solutions for laptop shortage as online learning resumes
But two standouts in CRs laptop ratingsthe Lenovo IdeaPad S340 and Asus Chromebook Flipare hard to find. He and others point to a number of reasons for the Great Laptop Shortage of 2020. Whether its a Switch, an Xbox, a TV, or a laptop, everybody is trying to catch up, Reith says. The last thing you want is to miss out on a bargain because you didnt sign in at Best Buy fast enough. Amazon, Best Buy, and Walmart have similar programs, too.
Kohls joins retailers closing for Thanksgiving Day
Kohls on Wednesday became the latest retailer to announce its stores would be closed on Thanksgiving Day due to the coronavirus pandemic. The company posted the announcement on its website, along with a statement from CEO Michelle Gass, who attributed the decision to shifting customer habits. The holiday season is when Kohls shines brightest, and as we move into the holiday season of this very unusual year, we are adapting our plans in response to changing customer expectations and behaviors, Gass said. We are deeply appreciative of how our team of Kohls associates have shown up to serve our customers through this pandemic and know that they will continue to show Kohls at our best throughout the holidays.Kohls joins Best Buy, Target and Walmart, among other retailers, which previously said their stores would not open on the holiday that has become a major shopping day over the years.
Best Buy closing stores on Thanksgiving Day
Best Buy is joining the growing list of major retailers closing stores on Thanksgiving Day in response to the coronavirus pandemic. The electronics giant announced the closures in a post on the companys blog Tuesday, saying the retailer is planning add more pickup options for customers and offer deals earlier this year. RELATED: Target closing its stores on Thanksgiving Day | Walmart closing its stores for ThanksgivingWe can all agree that, so far, 2020 has turned out differently than what we might have expected, the blog post said. And now the holiday season at Best Buy, including Thanksgiving Day, is going to look different too.Already, Walmart and Target announced their stores will be closed on Thanksgiving Day. In lieu of in-store shopping, BestBuy is pushing consumers to shop online via its website or app.
Businesses weigh reopening - or close again - as cases rise
Businesses reopening across states after months of shutdown have been met with fanfare. Its not the reopening businesses were hoping for. Apple, which started reopening its stores May 11, has closed at least 32 stores in hot spots like Florida and Texas. Some businesses have been requiring customers and employees to sign a waiver saying they wont sue if they get sick. Adam Orman, who runs LOca dOro Italian restaurant in Austin, Texas, may delay a planned July 30 reopening for outdoor seating.
Pandemic highlights big box stores' ability to pivot
NEW YORK Late last year, Best Buy began testing curbside pickup at select stores as a way to respond to customer needs. Macys sales were down 45% and the company says it could have a loss of at least $1 billion in the quarter. Still, it shows how the pandemic is deepening the divide between big box stores and mall-based clothing chains. Target's CEO Brian Cornell said its stores were directly involved in supplying goods for 80% of online sales. It expects another 80 Macys stores to open for Memorial Day weekend and most of its stores, including its flagship stores in Manhattan, to open in mid-June.
Retailers promise speedy delivery, tech in-store for holiday shoppers
Getty Images via CNN(CNN) - Walmart, Target and Best Buy this week rolled out plans to woo shoppers during the holidays, focusing on early deals, speedier deliveries and beefed-up service in stores. "This year is a bit unique for our customers," Steve Bratspies, Walmart chief merchandising officer, said on a call with reporters. Walmart has started to offer free next-day delivery on orders over $35 for more than 200,000 items. Best Buy said Tuesday that it would offer next-day delivery on thousands of smaller items such as tablets and headphones. The National Retail Federation estimates retail sales in November and December will grow between 3.8% and 4.2% compared with a year ago.
Jacksonville's 1st Sprouts Farmers Market opens
JACKSONVILLE, Fla. - The first Sprouts Farmers Market in Jacksonville opened Wednesday. The grocery store offering organic foods is at the old Best Buy location on Town Center Parkway in the Markets at Town Center, near the St. Johns Town Center. "We're a full-service grocery store, but we really advocate for healthy living for less. PHOTOS: Take a look at the new Sprouts Farmers MarketShoppers told News4Jax during Wednesday's grand opening that Jacksonville's Southside needed a store like this. "And so St. John's Town Center area has been missing this type of store, so, yes, we're very excited and I will be supporting it for sure."