Best Buy Co. Inc. , the nation's biggest consumer electronics retailer, said Tuesday that its third-quarter profit sank 77 percent as it faced dramatic changes in consumer spending.
The company also said it will offer massive buyout packages to about 4,000 employees at its headquarters while slashing spending in a bid to cut costs, news that the sent the retailer's stock soaring. Executives called the past three months the "most challenging consumer environment" in the retailer's history.
The company also said it will offer massive buyout packages to about 4,000 employees at its headquarters while slashing spending in a bid to cut costs, news that the sent the retailer's stock soaring. Executives called the past three months the "most challenging consumer environment" in the retailer's history.
"We believe that there has been a dramatic and potentially long-lasting change in consumer behavior as people adjust to the new realities of the marketplace," Chief Executive Brad Anderson said in a statement. "We also believe that customers will continue to reward those retailers who understand their needs and desires, and offer relevant solutions at fair prices. Yet we clearly recognize that these changes require us to make significant adjustments."
0 Yorumlar / Comments:
Post a Comment