Weak demand for mobile phones helped drive Best Buy's Q4 revenue and profit lower. Fred Katayama reports.
Weak sales in its largest segment hurt Best Buy. Quarterly profit and revenue fell at the U.S.'s biggest U.S. consumer electronics retailer. Partly to blame - comparable sales of computers and mobile devices fell 7% in the U.S. - that category makes up nearly half of the company's domestic revenue. That offset the sales growth in health & wearable devices, home theater and major appliances. Closures of 30 stores also drove down revenue. And despite upgrades to its online shopping busniness, such as faster checkout and the option to ship store inventory to shoppers. Internet sales growth lagged that of rival Amazon. Not much relief in sight: Best Buy predicts sales and profit will fall in the current quarter.