Best Buy (BBY) said it expected its U.S. sales to fall by about 1.5% in the current quarter due to weak demand for mobile devices, scanners, and printers in the holiday season.
The largest U.S. consumer electronics retailer’s shares fell 10% in premarket trading on Thursday.
The company’s U.S. comparable sales, excluding the impact of installment billing plans, fell 7.2% in the mobile phones and computing products category in the nine weeks ended Jan. 2.
The category had accounted for nearly half of Best Buy’s U.S. sales in the third quarter.
Best Buy, which has been facing intense competition from online retailers such as Amazon (AMZN), had earlier said it expected U.S. revenue to be near flat in the fourth quarter.
The company said its total comparable sales, excluding the impact of installment billing plans, fell 1.4% in the nine weeks ended Jan. 2. Comparable sales rose 1.8% in the corresponding period last year. Revenue fell 3.6% to $10.96 billion.
