Updated from 9:23 am EST with a stock recommendation from Jim Cramer as well as Best Buy's most recent stock price.
NEW YORK (TheStreet) -- This year's holiday season, characterized as one of the most intense regarding promotional activity aimed at getting consumers in the door, didn't work out so well for Best Buy (BBY - Get Report).
Best Buy's stock plunged more than 30% after the electronics retailer disclosed comparable store sales for the fourth quarter so far declined 0.8%. Analysts were expecting a rise of 2%.
For the nine weeks ending Jan. 4, Best Buy's revenue totaled $11.45 billion, down 2.5% from the same period last year. Domestic revenue declined 1.5% to $9.75 billion over the prior year.
Comparable store sales declined 0.8% during the quarter. Within its domestic stores, comps dropped 0.9%, reflecting a highly promotional and competitive environment, the company said.
"The message behind today's announcement is very clear to me," Best Buy Founder and Chairman Emeritus Richard Schulze said in a separate statement. "Best Buy is on this journey and in this business to win, acquire, and retain new and existing customers. I have complete faith in the long-term strategy and I am confident that management is taking the steps required to win and position the company for a successful future."Shares were most recently dropping 27.6% to $27.20 on massive volume of more than 59 million shares traded on Thursday.
However, TheStreet's Jim Cramer says if you see a stock down as much as Best Buy, wait for the second day of trading before making a decision to buy.
A bright spot was Best Buy's online sales, rose 23.5% to $1.32 billion over last year. However, the company said that merchandise growth in computing, appliances and gaming segments were "more than offset by declines in other categories, including digital imaging, movies and MP3 players." Follow @LKulikowski
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