Best Buy was particularly aggressive when it came to Black Friday discounts and promotions this year after dropping the ball in 2010.
The company's door-buster deals, which rivaled that of discount giants like Amazon (AMZN), Wal-Mart (WMT) andTarget (TGT), were praised by analysts, who expected these sales coupled with midnight Black Friday opening to propel third-quarter results.
But Best Buy failed to deliver to investors as well, reporting last week a 29% plunge in third-quarter earnings, with gross margin falling by a percentage point.
The discounts ultimately pressured the bottom line and did little in the way of revenue, with same-store sales up just 0.3%.Best Buy shares were up 1.8% to $22.97 in afternoon trades. Year-to-date, the stock has lost more than 30%. -Reported by Jeanine Poggi in New York.
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