Business & Tech
Best Buy Reports Dismal 3rd Quarter Earnings
The company lost $13 million in the quarter ending Nov. 3, 2012, compared to the same period last year.
Best Buy business is down from this time last year.
The company reported a loss of $13 million or 4 cents per share, from continuing operations in the quarter ending Nov. 3. During the same quarter in 2011, Best Buy had posted earnings of $173 million, or 47 per diluted share on revenue of $11.1 billion. Total revenue for the quarter was $10.7 billion.
According to the Minneapolis-St. Paul Business Journal, the company warned last month that its earnings and same-store sales would drop in the third quarter.
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Excluding the charges for its extensive resturcturing, Best Buy earned $10 million, or 3 cents per diluted share. However, that was still well below analyst estimates of 12 cents per share, according to Reuters.
Best Buy CEO Hubert Joly said the company's performance was "clearly unsatisfactory." Shares of Best Buy also fell 3.6 percent ahead of the earnings news, which was released before the market opened Tuesday.
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