Best Buy said Thursday its comparable same store sales fell during the holiday shopping season, showing the company hasn't "killed showrooming" as much as CEO Hubert Joly said in the weeks before Black Friday.
Joly said "an intensely promotional holiday season is what unfolded" during the holiday shopping season, leading to a 0.8 percent drop in sales for the 9 weeks ended Jan. 4 – still an improvement from the 1.7 percent drop in the prior year.
To fight their online competitors, Best Buy dropped and matched prices, despite having higher operating costs due to their physical presence.
TOP 5 PRIORITIES
"Looking ahead, our holiday performance reinforces our resolve and our sense of urgency around our transformation," Joly said, laying out the following priorities for the next year:
1. Cost cutting
2. Online sales growth
3. Improved customer experience in-store, online, over mobile, etc