Best Buy's fiscal second-quarter results fell short of expectations and the company cut its outlook amid "challenges to overall consumer spending and lower consumer electronics industry sales."
Specifically, Best Buy reported second-quarter earnings of $177 million, or 47 cents a share, down from 60 cents a share a year ago. Revenue was $11.34 billion, flat compared to the second quarter a year ago. Wall Street was expecting Best Buy to report second-quarter earnings of 53 cents a share on revenue of $11.47 billion.
In the second quarter, same-store sales were down 2.8 percent from … Read more