The Biz Buzz
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. 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…
