Reporting disappointing second-quarter earnings a few weeks back, Sony warned that the Christmas shopping period would likely be a weak one. “We are quite cautious in foreseeing end-of-year sales,” Sony CFO Nobuyuki Oneda said at the time.
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Though there was no reason to expect otherwise, sales of consumer electronics in the states fell dramatically during the holiday season. While online sales rose 7.1 percent to $1.7 billion for the five weeks that ended Dec. 27, sales at brick-and-mortar stores fell 8.1 percent to $7.5 billion, according to research firm NPD Group. End result: an overall decline of 5.7 percent for what NPD analyst Stephen Baker says was “by far” the worst holiday season the firm has seen.
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