Big Miss for Best Buy |
| TheStreet.com - Jun 19, 2007 |
Best Buy missed first-quarter earnings expectations as a shift toward sales of lower-margin products weighed on the bottom line, leading the retailer to lower its guidance for the full year.
For the quarter ended June 2, the Minneapolis-based consumer-electronics giant posted earnings of $192 million, or 39 cents a share, down from $234 million, or 47 cents a share, a year earlier.
Analysts polled by Thomson Financial projected earnings of 49 cents a share for the latest quarter.
Sales managed to top Wall Street's expectation, rising 14% to $7.93 billion. Analysts, on average, predicted sales of $7.85 billion. Best Buy's same-store sales, or sales at stores open at least a year, climbed 3% in the quarter.
Read Full Article from TheStreet.com
- Posted: 2007-06-19 10:19:17
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