After Amazon.com Inc. (NASDAQ: AMZN) and Wal-Mart Stores Inc. (NYSE: WMT) posted success with Black Friday in summer sales, troubled electronics retailer Best Buy Co. Inc. (NYSE: BBY) has decided to do the same.
In Best Buy’s fiscal first quarter, which ended May 3, the company posted a drop in revenue to $8.56 billion from $8.64 billion in the same quarter a year ago. Diluted earnings per share from continuing operations fell to $0.10 from $1.33. Wall Street has punished the stock, which traded at $42 on March 18 and $33 recently.
It will not help that Best Buy is late to the Black Friday party. Both Amazon, Best Buy’s greatest enemy, and Wal-Mart sell consumer electronics. Nevertheless, Best Buy offers discounts on many Apple Inc. (NASDAQ: AAPL) products, as well as those from Dell and Sharp. And, of course, free shipping. College students get even better deals, according to Best Buy.
Best Buy’s Black Friday sale ends on Saturday. The company’s management commented as the sale began:
On July 24 and 25, 2015, you can shop in store and online for great Black Friday deals that are sure to make your summer a little sunnier. No need to wait for after Thanksgiving sales to get Black Friday pricing on the electronics and appliances you’ve had your eye on.
A good deal, unless consumers already bought the products somewhere else.
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