Best Buy shares skid on Thursday after the retailer said total revenue and sales at its established U.S stores fell in the all-important holiday season due to intense discounting by rivals, supply constraints for key products and weak traffic in December.
Sales at its stores open at least 14 months were down 0.9 percent in the United States and up 0.1 percent internationally in the nine weeks ended Jan. 4.
Total revenue fell about 2.6 percent to $11.45 billion in the nine-week period.
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"It's been a very challenging retail reporting season for retailers in general. I think that Best Buy got caught up in that. This also just shows the ongoing challenges in the consumer electronics business through the holiday selling season," Oppenheimer retail analyst Brian Nagel told CNBC's "Squawk Box" Thursday.