Best Buy's shares sank Thursday after the nation's largest consumer electronics chain reduced its sales outlook for the fourth-quarter as it reported weak holiday business in mobile phones and personal devices.
The Minneapolis-based company said it now expects a larger drop in fourth-quarter revenue, though the company improved its outlook for operating income. Best Buy shares tumbled almost 12 percent in morning trading.
The disappointing results underscore the challenges for Best Buy as it tries to re-energize sales growth that has been inconsistent.
Best Buy said that domestic same-store-sales, a key measure of a retailer's health, fell 1.2 percent in the nine-week...