» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X

Forgot your password?
Skip Navigation LinksHome > Article
VOL. 36 | NO. 46 | Friday, November 16, 2012




Best Buy reports 3rd-quarter loss

Print | Front Page | Email this story

MINNEAPOLIS (AP) — Best Buy Co. says it recorded a loss in the third quarter, hurt by a continued sales slump and charges related to its restructuring plan. Shares fell 6 percent in premarket trading.

The struggling electronics chain reported a loss of $10 million, or 3 cents per share. That compares with net income of $156 million, or 42 cents per share in the prior year period. Excluding one-time items, net income totaled 3 cents per share. Analysts expected 13 cents per share.

Revenue fell 4 percent to $10.75 billion. That matched analyst expectations.

The company said previously it expected third-quarter results to decline significantly. Last week CEO Hubert Joly outlined a plan to improve results via beefing up customer service and revamping stores while at the same time cutting costs.

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email  
TNLedger.com Knoxville Editon
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