Wasn’t December supposed to be death for retailers?
It wasn’t at Best Buy, unless you think a 1.5 percent increase in same-store sales is something to sneeze at when we’re being told hourly that consumers are pulling back and we’re on the precipice of a recession.
The Minnesota-based electronics company reported today that after adjusting for a calendar shift that moved a post-Thanksgiving shopping week to November, same store sales increased 3 percent.
The Wall Street Journal describes the increase as modest, but for a bellweather stock, surely a modest increase has got to lift spirits of the folks out on the ledge, especially since it shows the housing slump isn’t crushing everybody.
Investors apparently are still banking on the dark side. Best Buy’s stock
is closed down nearly more than 5 percent today.
About the blogger
Bob Collins has been with Minnesota Public Radio since 1992, emigrating to Minnesota from Massachusetts. He was senior editor of news in the ’90s, ran MPR’s political unit, created the MPR News regional website, invented the popular Select A Candidate, started several blogs, and every day laments that his Minnesota Fantasy Legislature project never caught on.
NewsCut is a blog featuring observations about the news. It provides a forum for an online discussion and debate about events that might not typically make the front page. NewsCut posts are not news stories.