MCViewPoint

Opinion from a Libertarian ViewPoint

Posts Tagged ‘best Buy’

Best Buy Crashes As Margins Slide Due To “Organized Retail Theft” | ZeroHedge

Posted by M. C. on November 24, 2021

Liberal socialist utopias such as California are a blessing for deadbeat klepto hobos from around the world thanks to the state’s lack of prosecution of shoplifting, but the same policies are becoming a major headache for nationwide retailers such as Best Buy which this morning reported that despite beating on the top and bottom line

https://www.zerohedge.com/markets/best-buy-crashes-margins-slide-due-organized-retail-theft

Tyler Durden's Photoby Tyler Durden

Liberal socialist utopias such as California are a blessing for deadbeat klepto hobos from around the world thanks to the state’s lack of prosecution of shoplifting, but the same policies are becoming a major headache for nationwide retailers such as Best Buy which this morning reported that despite beating on the top and bottom line (revenues of $11.9 billion vs expectations of $11.7BN, EPS of $2.08, beating est of $1.96), its margins missed, echoing the same margin crunch theme that emerged recently with big box retailers such as Walmart.Gross margin fell 0.1% to 23.5%, Best Buy said, missing the 23.6% average of analyst estimates compiled by Bloomberg, while the decline in the core U.S. operation was steeper. The company also reported a 10% drop in domestic online revenue as more shoppers returned to stores. But besides the usual margin-crushing suspects of frayed supply chains and deep discounts as a result of stepped-up promotional activity and a drag tied to its new TotalTech membership program, the company brought up the reason why Democrats are looking at far more losses in the coming months as a reason for the margin drop: organized theft.

“We are seeing more and more particularly organized retail crime,” Chief Executive Officer Corie Barry said on a conference call with analysts. “You can see that pressure in our financials, and more importantly, frankly, you can see that pressure with our associates. It’s traumatizing.”

Oppressed dude shoving a cell phone down his pants as reparations for  white devils enslaving his ancestors.

Best Buy’s unexpected struggle to shore up gross margin comes after the recent stock surge boosted Wall Street’s expectations. That’s why today’s sharp return to reality sent BBY shares plunging as much as 17% to $115.01 in New York trading — the biggest intraday plunge since the covid crash on March 18, 2020.Hilariously, Best Buy had advanced 38% this year through Monday, attaining record levels and outpacing the 28% gain of an S&P 500 index of consumer discretionary companies. Because while BBY channel checkers were right and traffic was indeed off the charts; alas most of that foot was courtesy of thieves.

Be seeing you

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Best Buy’s Geek Squad Techs Search Customer Computers For The FBI, Reports Claim

Posted by M. C. on March 8, 2018

Judge Cormac Carney said an FBI agent made “false and misleading statements” to obtain a search warrant for the doctor’s house.

My goodness, really? Old news but worth repeating as it will likely quickly disappear again down the memory hole.

The FIB’s tentacles are long. It’s integrity is non-existent.

Best Buy cannot be trusted. Independent, non-scum computer repair businesses are abundant.

http://drudgenow.com/article/?n=0&s=2&c=1&pn=Anonymous&u=http://pittsburgh.cbslocal.com/2018/03/07/best-buy-geek-squad-fbi/

Digital rights non-profit Electronic Frontier Foundation (EFF) filed a Freedom of Information Act (FOIA) lawsuit last year after it was discovered that the FBI allegedly paid Geek Squad employees to go through their client’s computers while they’re being repaired. Read the rest of this entry »

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FBI Used Best Buy’s Geek Squad To Increase Secret Public Surveillance

Posted by M. C. on March 10, 2017

http://www.ocweekly.com/news/fbi-used-best-buys-geek-squad-to-increase-secret-public-surveillance-7950030?_sm_byp=iVVrq6R7WLQQrZ0r

To sidestep the U.S. Constitution’s prohibition against warrantless invasions of private property, federal prosecutors and FBI officials have argued that Geek Squad employees accidentally find and report, for example, potential child pornography on customers’ computers without any prodding by the government. Assistant United States Attorney M. Anthony Brown last year labeled allegations of a hidden partnership as “wild speculation.” But more than a dozen summaries of FBI memoranda filed inside Orange County’s Ronald Reagan Federal Courthouse this month in USA v. Mark Rettenmaier contradict the official line. Read the rest of this entry »

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