Best Buy, Holiday Shopping Season | featured news

Best Buy's holiday sales fell despite a surprisingly resilient showing in the U.S., and the consumer-electronics retailer said its cash flow continues to weaken.

Best Buy said Friday that it has authorized its store staffers to match online prices of competitors in some cases, as it beefs up service offerings as the all-important holiday season kicks off.

Best Buy Co reported weaker-than-expected sales for the key holiday quarter, prompting the world's largest electronics chain to close 50 U.S. stores and cut 400 jobs in corporate and support areas.

Electronics retailer Best Buy reported a 1.2% drop in December same-store sales on slow customer traffic and weakness in the gaming and digital-imaging segments.

Shoppers ignored Best Buy Co Inc's promotion of pricey 3D televisions and other high-end gadgets this holiday season as they chased bargains elsewhere, hammering the company's profits.

“For the holidays, the tablets will be mostly Android-based, plus the iPad,” said Mike Vitelli, Best Buy’s President of North and South American business, in an interview.