GME GameStop Corp Holding Company

Best Buy Co. on Thursday lowered its sales outlook for the current quarter after weak mobile-phone sales hurt holiday results.

For the fourth quarter, the electronics retailer now expects domestic sales to decline 1.5%, compared with previous guidance for flat sales, because of softer consumer demand in mobile phones and greater-than-expected declines in other consumer electronics.

Shares, which have fallen 27% over the past 12 months, slid another 6.1% to $27.48 in premarket trading.

Best Buy reported revenue edged down 0.8% during the nine weeks ended Jan. 2 to $10.05 billion. Chief Executive Hubert Joly said domestic revenue increased, excluding mobile phones, year-over-year on strength from health and wearables, home theater and appliances. The company also pointed to a 12.6% jump in online revenue.

Same-store sales, however, fell 1.4% during the holiday season.

Best Buy joins a host of retailers posting underwhelming holiday results. On Tuesday, GameStop Inc. reported that sales of new software fell 9.7% during the holiday period, further fueling concerns that the increase in digital downloads is hurting the videogame retailer.

Write to Anne Steele at Anne.Steele@wsj.com

(END) Dow Jones Newswires

January 14, 2016 08:15 ET (13:15 GMT)

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