Best Buy Falls as Holiday Discounts Threaten Profit
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Best Buy Co., the world’s largest consumer-electronics retailer, fell the most in 11 months after saying it will keep pace with competitors’ discounts in the holiday season, hurting fourth-quarter profitability.
The shares dropped 11 percent to $38.78 at the close in New York, the biggest decline since Dec. 14. Richfield, Minnesota-based Best Buy has more than tripled this year, the second-best performance in the Standard & Poor’s 500 Index.