Best Buy's results serve as a holiday warning

Electronics retailer Best Buy reported a large drop in quarterly earnings Tuesday, as weak sales in the months leading up to Thanksgiving cast a shadow on the all-important holiday season.

Shares of Best Buy (BBY, Fortune 500) tumbled $3.23, or 11.6%, to $24.83 in early trading. Shares are now down more than 27% since the start of the year. Investors fretted the company's future even though Best Buy confirmed its full fiscal-year earnings guidance.

Best Buy posted operating income of $328 million, or 47 cents a share, in the period ended Nov. 26, down 13% from a year earlier. Analysts surveyed by Thomson Reuters had forecast earnings of 51 cents a share.

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- Posted: 2011-12-13 12:55:57

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