It's a Holiday Horror Show for Some Stockshttp://www.fool.com/investing/general/2012/11/20/its-a-holiday-horror-show-for-some-stocks.aspx Alyce Lomax
November 20, 2012
The drive to get the holiday consumer spending party started has begun earlier than ever. Halloween was barely wrapped up before Christmas swag showed up in many stores, and Black Friday has not only been moved to Thursday in many cases, but the buzz has been building all week long.
Several retailers are starting the season off even more desperately than with early come-ons: They've already delivered coal for investors' stockings before the real battle has even begun. Beware.
The retailer reported a net loss from continuing operations of $13 million, or $0.04 per share. Back out a restructuring charge, and Best Buy's profit was $10 million, or $0.03 per share. However, ponder the fact that last year this time, Best Buy reported fiscal third-quarter profit of $173 million, or $0.47 per share. In other words, this quarter's results have literally fallen off a cliff.
Domestic revenue fell 4.7% to $7.7 billion, and same-store sales fell 4%. Although online sales increased by 10%, that only adds up to $431 million in sales -- a drop in the proverbial bucket.
More "blue Christmas" stocks
The retailer recently reported a staggering quarterly loss of $203 million, or $0.93 per share. Same-store sales plunged 26%. Johnson may believe he can transform the department store into a