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Best Buy Reports 3Q Loss

Tue, 11/20/2012 - 4:06am
Associated Press

MINNEAPOLIS — 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.

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