Best Buy Swings to 3rd-Quarter Loss on Charge, Weak Margin |
| Wall Street Journal - Nov 20, 2012 |
Best Buy Co. (BBY), in what it called a "clearly unsatisfactory" quarter, swung to a fiscal third-quarter loss on restructuring charges and reported a 97% slump in operating income.
Shares of the struggling consumer-electronics retailer sank 14% to $11.89, a new 10-year low.
Chief Executive Hubert Joly said Best Buy's latest financial performance, like that of the last three years, was unsatisfactory.
Mr. Joly, a French turnaround specialist not yet three months into the job, said on a conference call to discuss results that slow buying ahead of product launches, investment in store-associate training and executive transition expenses were responsible for the weak profit.
Last month, Best Buy unveiled a management shakeup and organizational restructuring building on moves in prior months to better train its associates, also warning its third-quarter adjusted earnings would be "significantly below" the prior-year period.
Read Full Article from Wall Street Journal
- Posted: 2012-11-20 14:48:03
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