MINNEAPOLIS =— Best Buy said Thursday it had disappointing sales during the holiday shopping season, raising concerns about the consumer electronic retailer’s ability to turn around its business.
Shares tumbled nearly 29 percent on the news, showing that investors are increasingly worried about Best Buy’s future. Best Buy’s stock price had more than quadrupled last year, but had been down 7 percent since the beginning of this year.
The holiday season, which runs from November through December, is a critical period for retailers because it can account for up to 40 percent of their annual revenue. But this past season was marked by weak consumer spending and heavy sales promotions by retailers.