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Best Buy is in the news apologizing for an email message it had sent in error to some of its Reward Zone loyalty-program customers, which informed them of a highly inflated points balance. A representative of Best Buy could not provide in more detail exactly how many of the loyalty program customers were affected but did state that it was a small percentage.
Best Buy is rectifying the mistake and informing all those affected.
Best Buy trades on the NYSE under the symbol BBY. Shares of BBY traded in the range of 36.18 to 37.00, and closed down 0.07 cents or 0.19% at 36.87.
Best Buy is a specialty retailer of consumer electronics, including home office products, entertainment software, appliances and related services. Some of Best Buy’s competitors held up in the market today, while others just hung on.
Radioshack Corp. (NYSE: RSH), reported on their fourth quarter and full year financial results, citing the total net sales and operating revenues for the 2009 fourth quarter increased by 4.7% to $1.32 billion, compared to $1.26 billion for the 2008 fourth quarter. Net income for the fourth quarter increased 26.0% to $75.7 million, or $0.60 per diluted share, compared with net income of $60.1 million, or $0.48 per diluted share for the same period last year. Shares of Radioshack closed up 0.31 cents or 1.60% at 19.63. On January 6, 2010 shares of RSH reached its 52 week-high of 21.56.
Circuit City Stores Inc. (OTCBB: CCTYQ), shares of Circuit City traded between 0.007 and 0.009 and closed at the day’s high of 0.009, up 24.29%. Circuit City is a speciality retailer of consumer electronics, home office products, entertainment software and related services, which it operates under two segments: domestic and international. Circuit City has a market cap of 1.31 million shares.
hhgregg, Inc. (NYSE: HGG), is another speciality retailer of consumer electronics, home appliances, mattresses and related services operating under the names hhgregg and Fine Lines. Hhgregg announced that it plans to open five new stores in Greater Baltimore to fill the void left by bankrupt Circuit City Stores. This is a planned expansion as national retailers like Circuit City and Best Buy close locations due to a lack of consumer spending. Cheap rental rates are helping to drive the company’s growing plans. Shares of HGG traded between 20.37 and 20.89 closing at 20.77, up 0.03 cents or 0.14%. HGG reached its 52 week-high this past January 8, 2010 at 24.29.
Conn’s Inc. (NASDAQ: CONN), is a speciality retailer focusing on home appliances and consumer electronics. Conn’s Inc. reported on their net sales for the quarter ending January 31, 2010, citing net sales of $171.0 million, a decline of $74.5 million of 30.3%, after achieving a 22.3% increase in the same quarter of the prior fiscal year. Net sales represent total product sales, repair service agreement commissions and service revenues. Same store sales (sales recorded in stores operated for the entirety of both periods) decreased 31.7% for the quarter ended January 31, 2010, compared to a 12.5% increase in same store sales in the fourth quarter of the prior fiscal year. Shares of CONN closed down 0.03 cents or 0.66% at 4.54.
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