By Amy Gilroy
For the specialist, and for any brick and mortar store, a concern is that consumers are using your shop as a showroom, only to leave empty-handed and price shop online. Read More
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By Amy Gilroy
In the latest of negative reports for Best Buy (NYSE:BBY), analysts say the company is ripe for a buy out.
The big box retailer lost almost a third of its market value last year, but it still has a high cash flow.
“…the world’s largest seller of consumer electronics is now valued at just 3.6 times its free cash flow (BBY), the cheapest of any retailer worth more than $1 billion,” said Bloomberg.
Best Buy still produces more free cash flow than any comparable store and it has more cash than debt, which makes it an attractive LBO target, analysts told Bloomberg. Read More
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By Amy Gilroy
A Forbes story Monday gives Best Buy (NYSE:BBY) a few more years before it goes out of business.
Competition with Amazon (NASDAQ:AMZN) and also Apple (NASDAQ:AAPL) stores and the failure of 3D to take off is only part of the reason. For the most part, Best Buy’s demise is its own fault, claims Forbes contributor Larry Downes.
Despite the exit of Circuit City as a competitor, Best Buy is losing marketing share. Its stock has lost 40 percent of its worth. Analysts give it a rating of B-. Read More
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By Andy Schornack
The Market Maven Value model did not perform well in November in comparison to both its benchmarks. The month’s returns were driven by the leverage employed by the portfolio and the decline in Morgan Stanley (NYSE:MS), Bank of America (NYSE:BAC) and New York Community Bancorp, Inc. (NYSE:NYB).
During the month of November, Covestor instituted changes in its margin requirements for model managers. As such, during the month of November and into December, I have repositioned the portfolio to meet the new requirements.
Since the portfolio’s inception, there has been more trading that I would traditionally like to see in the model portfolio, but fortunately the trading has been largely positive for the account. During the month of November, positions in Google (NASDAQ:GOOG), Best Buy (NYSE:BBY), and Supervalu (NYSE:SVU) were liquidated at a positive gain. Read More
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By Amy Gilroy
As you’ve probably heard by now, the Thanksgiving holiday weekend was an unexpected success for retailers as sales rose 16.4 percent over last year, according to the National Retail Federation (NRF).
Electronics was the second most popular gift, second only to clothes, with nearly half of all shoppers buying technology, according to a Consumer Electronics Association (CEA) study.
As for online shopping, total online sales were up 26 percent on Black Friday from a year ago, said comScore. About 50 million Americans visited online sites on Black Friday, up 35 percent over last year. Read More
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By Amy Gilroy
Best Buy (NYSE:BBY) will cut its hiring of holiday workers in half this year.
The largest consumer electronics chain in the world will hire 15,000 temporary workers this holiday season, compared to 29,000 last year. In compensation, it is asking full-time employees to work overtime.
Best Buy CEO Brian Dunn told Reuters the company is expecting consumers will be tight on spending during the holidays. “The consumer is being really careful about where he or she is spending the dollars, and I think that will continue through the holidays,” he said. Read More
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By Amy Gilroy
General Motors’ (NYSE:GM) OnStar is launching on August 1st a TV ad campaign for its new rear view mirror that allows almost any car to work with the OnStar service.
The ads will include the message of “everything you need in a box” and the ads will show people coming into a Best Buy (NYSE:BBY) store to pick up the new retail mirror, which just went on sale during the past two weeks.
OnStar confirmed: “The campaign will focus on the box and will begin on August 1ST….Best Buy will be central to the message as well.” Read More
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By Amy Gilroy
Best Buy (NYSE:BBY) announced that General Motors’ (NYSE:GM) OnStar FMV retail mirror will go on sale starting July 24th at $299.99 plus $75 for installation.
As we reported earlier this month, the FMV mirror, which brings OnStar capability to non-GM vehicles including Fords, Toyotas, and Chryslers for the first time, went on sale at certain retailers July 10. It’s listed on Al & Ed’s Autosound’s web site as well as Crutchfield.com at $299.99. It goes on sale on Tuesday at Car Toys.com.
OnStar also recently joined the $114 million MESA car stereo buying/marketing group as a vendor partner. Read More
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By Amy Gilroy
Best Buy (NYSE:BBY) said it settled a discrimination class action suit filed on behalf of women and minority employees of the Minn.-based retailer.
The suit alleged that Best Buy denied women, African American, and Latino employees promotions and more lucrative sales positions. It was filed back in December 2005.
Under the settlement the mega retailer agreed to change its policies in a way that “will enhance the equal employment opportunities of the thousands of women, African Americans, and Latinos employed by Best Buy nationwide,” it said. Read More
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By Amy Gilroy
General Motors’ (NYSE:GM) OnStar FMV retail mirror is now scheduled to land in dealers August 1st, with many retailers placing final orders this month, they said.
“Pre-marketing” for the mirror may begin at some retailers this week or next, they added.
OnStar would only confirm “summer” as the launch period.
Best Buy (NYSE:BBY) is currently collecting email addresses from its web site for customers interested in more information.
Just what level of demand awaits the $299 add-on mirror, one of the most significant products to hit the car stereo retail market in years, is anyone’s guess, but a handful of key retail veterans have mixed expectations. Read More
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