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Best Buy (BBY) Comps Down 1.4 Pct For Holiday Period

 January 11, 2013 07:23 AM

(By Balachander) Best Buy Co. Inc. (NYSE: BBY) posted a 1.4 percent drop in comparable store sales for the holiday period and the consumer electronics giant cut its free cash flow forecast.

The company's Domestic segment reported flat comparable Store Sales for the nine weeks ended Jan. 5, with declines in entertainment, televisions and computing.  Best Buy posted positive comps sales growth in mobile phones, tablets/eReaders and appliances.

In the International segment, comps fell 6.4 percent due to declines in Canada and China.

For the same period, total revenue edged down 0.4 percent to $12.8 billion.

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For 2013, the company now expects free cash flow to be roughly $500 million, versus prior estimate of $850 million to $1.05 billion.

For the third quarter, Best Buy slipped to a quarterly loss due to restructuring charges primarily related to store closures and lower revenue.

The stock, which has been trading in the 52-week range of $11.20 to $27.95, closed Thursday's regular trading at $12.21.

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