NEW YORK (
) -- Consumer electronics were a sore spot for big-box retailers, pointing to a further decline in
made note of lackluster performance in the category in their monthly sales reports on Thursday.
For Target, which posted a disappointing 1.8% increase in total December same-store sales, electronics went from the strongest category within hardlines in November to the weakest, J.P. Morgan analyst Christopher Horvers wrote in a note.
The discounter blamed electronics, coupled with books and music, as the reason for missing analysts' same-store sales forecast of a 3.1% increase.
At Costco, television sales by dollar declined by double digits year over year, and PCs were also called out at as a negative.
Horvers said the performance at both of these companies indicates negative comparable sales at Best Buy are more likely. He previously predicted flat same-store sales to up 2%.
Best Buy was downgraded by TheStreet Ratings
on Thursday, which cited "deteriorating net income, poor profit margins and a generally disappointing performance in the stock itself."
Reported by Jeanine Poggi in New York.
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