NEW YORK (AP) — Shares of Best Buy slumped Monday after one of the electronics retailer's competitors forecast disappointing sales for the holiday season. THE SPARK: Appliance and electronics store chain Hhgregg said it expects to report about $707.1 million in revenue for its latest fiscal quarter, which ended Dec. 31 . That represents a decline of around $90 million from a year ago, and it's about $52 million less than analysts expected. Hhgregg Inc. said the company did not use heavy promotions during the quarter, and its holiday sales were hurt by increased promotions on televisions and tablets at various retailers. THE BIG PICTURE: In November, Best Buy Co. Inc. said it turned a profit in the third quarter as it cut its spending. That offset nearly flat revenue. The Minneapolis company said it expected tough competition during the holiday season, which can account for up to 40 percent of a retailer's annual revenue. Best Buy said extended hours and price-cutting could squeeze its fourth-quarter profit. THE ANALYSIS: Janney Capital Markets analyst David Strasser said Hhgregg's problems shouldn't affect Best Buy . In a note to clients, he said Hhgregg had the wrong mix of products this season and the lack of major advertising hurt its business. "We highlight this is (market) share loss, not weak industry sales," he said. "The TV industry was relatively solid this holidays, although it did drop off in early January. Best Buy is trading down in sympathy, but it shouldn't." Strasser rates Best Buy shares at "Buy." SHARE ACTION: Best Buy shares fell $2.13 , or 5.2 percent, to $38.55 in midday trading. Shares of Hhgregg fell 61 cents , or 4.5 percent, to $12.99 .
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