Despite several apparently well respected sell-side shops proclaiming that all would be well, the electronics warehouse missed comps (Sales at stores open at least 14 months were down 0.9 percent in the US – compared to expectations of +2.0%) and is being punished. Revenues fell 2.6% for the comparable period also. Shares are down 30% in the pre-market to 7-month lows as the company claims an “intensely promotional holiday season.” It seems, perhaps, that following several other retailers’ earnings updates the holiday season was even worse than many had expected (especially in the brocks-and-mortar stores that actually employ real people).
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/h2gGSobl0ec/story01.htm Tyler Durden