Best Buy suffers from lack of smartphone demand

Best Buy said weaker mobile phone sales contributed to its weak second quarter. The electronics retailer said in its earnings statement that for the three months ending Aug. 27 mobile phone sales were down 5 percent "due to industry softness driven by the lack of significant new phone launches during the quarter relative to the prior-year period." However, Best Buy, which has been steadily expanding the number of its standalone Best Buy Mobile stores, said that it continued to grow share in mobile phones in the second quarter. Overall, the company's sales were flat in the quarter and its operating income dropped 30 percent. Best Buy appears to be the latest company affected by the fact that Apple (NASDAQ:AAPL) has decided to delay the usual summer launch of its new iPhone model into the fall. Article

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