Fewer laptops and earbuds were under the Christmas tree this past holiday season, leading to electronics retailer Best Buy having its most lackluster end-of-year season of the last few years.
In November, December and January, consumers, burdened with higher prices for food, energy and other needs, spent less on home electronics, resulting in revenue dipping about 10% compared to the same time the year before to $14.7 billion. It was the lowest it had been for Best Buy for that season in more than five years.
Best Buy's profits for the quarter and the year also dropped, though not as considerably as other major retailers like Target, which reported its earnings earlier this week. For the full year, Best Buy's profit fell more than 42% while Minneapolis-based Target's dropped 60%.
