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Retail

Best Buy Cannot Avoid Its Own Black Friday in Summer

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published
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Best Buy logo
courtesy of Best Buy
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.

ALSO READ: Customer Service Hall of Fame

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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