Update (4:07 p.m. EST): Updated with closing price, day high and low prices, price change and volume information.

NEW YORK ( TheStreet) --  Best Buy  ( BBY) plummeted 28.59% to $26.83, down $10.74 from its previous close of $37.57, at the close of the trading day on Thursday after the consumer electronics chain reported a decline in holiday sales and forecast a larger than expected drop in quarterly operating margins.

The stock had a volume of 81,305,068, more than 13.5 times its average volume of 6,011,740. It hit a high of $31.24 and a low of $25.05 for the day.

Best Buy's sales at stores open at least 14 months declined 0.9% in the United States, but increased 0.1% internationally, in the nine-week period that ended Jan. 4. Total revenue in that same period dropped 2.6% to $11.45 billion.

The Minneapolis-based company said competitors' discounts, limited supplies of tablets and phones and slow traffic in December accounted for the lackluster results. Best Buy slashed prices, offered free shipping on orders of more than $25, shipped directly from more than 400 stores and improved its website user interface in order to keep up with competitors, such as Wal-Mart  ( WMT) and Amazon  ( AMZN) in a holiday season filled with sales.

The company also expects operating margin excluding items to be 175 to 185 basis points lower in the fourth-quarter than compared to one year earlier.

Best Buy did report that domestic online revenue totaled $1.32 billion, while comparable online sales rose 23.5%.

Jim Cramer also weighed on Best Buy earlier today and suggested waiting until the second day of trading before buying.

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