WASHINGTON — Best Buy, one of the last electronics store chains left in the U.S., warned that its big promotional season for the holidays between Thanksgiving and Christmas could lead to small margins in the last quarter of the 2013 year.
Reuters reported that Best Buy is competing with the likes of Wal-Mart, Target and Toys R US over electronics and the same base of consumers.
Wal-Mart said it will match any Black Friday offers on toys and electronic items from its main rivals mentioned above. They promise to match it as early as a week before Black Friday.
Best Buy surprised analysts with a good third quarter profit, but its recent practices have been encouraging. They removed layers of management, cut jobs, and closed unprofitable stores.