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Robert Silva

Best Buy Reveals 3rd Quarter Loss - Needs Good Holiday Shopping Season

By November 20, 2012

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It looks like Best Buy is going to need a really big Christmas and Winter Holiday Shopping Season, if it wants to retain its status as the biggest consumer electronics retailer.

According to its 3rd Quarter financial report, Best Buy had a net loss of $13 million dollars for the three month time period ending on November 3rd 2012. Although this amount seems small based on total gross revenues of $10.75 billion dollars for the same period, once you factor in all operating and other expenses, Best Buy came up $13 million dollars short.

One of the main issues is that established stores (those open for more than one year) were the main source of its income loss. On the hand, its online business was a bright spot, increasing to $431 million in gross sales - but it was not enough to offset losses on the brick-and-mortar side.

For more details, check out the official numbers posted by Best Buy, as well as some additional analysis and perspective from Bloomberg News and CNET.

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