Best Buy’s fiscal third-quarter profit fell 29 percent, surprising analysts and retail observers who had been expecting stronger results. For the quarter ended Nov. 26, the electronics retailer posted a profit of $154 million, or 42 cents a share. In the same period a year earlier, it reported a profit of $217 million, or 54 cents a share. Its revenue for the quarter rose by 1.7 percent from the same period in 2010, to $12.1 billion, with a comparable store sales gain of 0.3 percent. However, analysts had been expecting $12.14 billion in revenue.
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Weak Q3 May Portend Downhill Slide for Best Buy
Posted by: Erika Morphy December 14, 2011 08:58 AMBest Buy’s fiscal third-quarter profit fell 29 percent, surprising analysts and retail observers who had been expecting stronger results. For the quarter ended Nov. 26, the electronics retailer posted a profit of $154 million, or 42 cents a share. In the same period a year earlier, it reported a profit of $217 million, or 54 cents a share. Its revenue for the quarter rose by 1.7 percent from the same period in 2010, to $12.1 billion, with a comparable store sales gain of 0.3 percent. However, analysts had been expecting $12.14 billion in revenue.