Best Buy Co., Inc. (BBY) announced on Friday that its holiday comparable store sales were down -1.4% while overall revenue was also down for the nine weeks ending January 5, 2013.

The consumer electronics retailer said its revenue for the nine week holiday shopping season was $12.8 billion, down from $12.9 billion in revenue a year earlier over the nine week period ending December 31, 2011.

However, Best Buy’s domestic online channel saw a 10% increase in revenue compared to the year before coming in at $1.1 billion. This strong performance reinforces various analysts observations that Best Buy was in the top three most trafficked websites on Thanksgiving and Black Friday, as well as Cyber Monday.

Looking forward, Best Buy cut its free cash flow guidance from the previous range of $850 million to $1.05 billion to the current 2013 outlook of about $500 million.

Best Buy shares were up 79 cents, or +6.72%, during premarket trading on Friday. The stock is down -49.59% over the past year.

The Bottom Line
Shares of Best Buy (BBY) have a 5.57% dividend yield, based on last night’s closing stock price of $12.21. The stock has technical support in the $10-$11 price area. If the shares can firm up, we see overhead resistance around the $14 price level.

Best Buy Co., Inc. (BBY) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.9 out of 5 stars.

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