The holidays continued a tough streak for Best Buy, with an expected sales decline and the start of a restructuring that will include layoffs.

The Richfield-based retailer reported Thursday morning its ninth consecutive quarterly sales decline, with comparable sales in the fourth quarter down 4.8%. Still, the results were better than what analysts expected.

For the upcoming year, CEO Corie Barry said in statement that executives anticipate industry sales to stabilize this year. The retailer is forecasting comparable sales to be flat to down 3% in the coming year.

The company also said it started an enterprise-wide "restructuring initiative" in the fourth quarter that will include layoffs to right-size resources to better align with the company's revenue outlook for the coming year. It incurred $169 million of charges related to the effort in the quarter.

It was unclear how many layoffs there will be.

"While we made these decisions during the fourth quarter ... many of the actions will be implemented through the first half of [fiscal year 2025] and we will provide more details as we move through the year," Barry said.

Already, from 2020 to 2023, the company's headcount declined by 20%, or about 25,000 employees, partly because it closed about 70 large-format stores — or 7% of its portfolio — during that time. This year, the chain expects to close 10 to 15 stores, including the one in Apple Valley this weekend.

In the fourth quarter, Best Buy's profit declined 7% to $460 million.

The holiday season was uneven for retailers. Walmart reported strong holiday sales. However, Macy's saw declines and announced store closures this week.

After seeing sales boom during the pandemic, Best Buy has seen shoppers pull back especially without much exciting innovation in consumer electronics to draw them in.

At the same time, executives have said inflation-weary consumers are being more careful about their spending as they focus on more basics such as food and splurge on experiences such as going out to eat, concerts and vacations.