Best Buy: 3D, Net-Connected TVs Selling Poorly

Electronics Retailer Cuts Full-Year Forecast

By Todd Spangler -- Multichannel News -- Broadcasting & Cable, 12/14/2010 6:57:00 PM

Best Buy blamed weaker-than-expected fiscal third quarter results in part on consumer reluctance to buy more expensive 3DTVs and Internet-connected sets as well as price competition for lower-end TVs and notebook PCs.

In the U.S., quarterly revenue from Best Buy stores open at least 14 months fell 5% year-to-year compared with the company's expectations of flat or modest growth. On the poor results and a lowered outlook for the full fiscal year, Best Buy shares fell 14.8% Tuesday, down $6.18 for the day to close at $35.53.

In the TV category, "the newer technologies like 3D and IPTV... have been slower to take hold," Best Buy CEO Brian Dunn said on a conference call with analysts Tuesday.

Click here for the full story at Multichannel.com