The nation’s largest electronic retailer Best Buy Co., experienced a major sales rise in December against 2008 figures. Consumers weren’t skimping at Best Buy this past holiday season, snapping up computers, Televisions, phones and cameras according to the electronic giant. Best Buy locations open more than a year rose 8.2 percent for the month as compared to a 6.5 percent drop in December 2008. The retailers total sales rose 13 percent, reaching 8.5 billion.
Despite it’s exceptional earnings though, Best Buy shares fell 3.6 percent or $1.49 in Friday morning trading. The slip to $40.05 was the result of Best Buy’s failure to raise its earning prediction. The company had a strong 2009 and reached a year-long high of $45.55 in mid-December before slipping slightly.
Despite positive holiday numbers, analyst predictions for Best Buy are less than stellar in 2010. The lack of new, inventive electronics hitting the market in the coming months, before the 3-D TV craze hits store, is relatively low and is expected to temper sales. For the most part, their stock is earning “neutral” ratings.
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