» Subscribe Today!
The Power of Information
Home
FORMERLY THE WESTVIEW | EST. NASHVILLE 1978
X

Forgot your password?
Skip Navigation LinksHome > Article
VOL. 36 | NO. 33 | Friday, August 17, 2012




Best Buy 2Q profit drops 90%, misses estimates

Print | Front Page | Email this story

NEW YORK (AP) — Best Buy Co. is reporting a 90 percent drop in net income during the second quarter, dragged down by restructuring charges and weak sales. The company also withdrew its earnings guidance for the year.

Best Buy says Tuesday that it earned $12 million, or 4 cents per share, in the quarter ended Aug. 4. That compares with $128 million, or 34 cents per share.

Revenue declined nearly 3 percent to $10.55 billion.

Adjusted earnings were 20 cents per share. Analysts had expected 31 cents per share on revenue of $10.65 billion.

Revenue at stores open at least a year fell 3.2 percent.

Best Buy named Hubert Joly, former chief of the Carlson travel company, its new CEO on Monday. Co-founder Richard Schulze is also trying to buy the company.

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email  
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0