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Best Buy Reports Q3 Profit Down 13%
Big-box retailer Best Buy also says annual profit will be down 0.5% and same-store sales are flat to down 3 percent for the full fiscal year.
According to Marketwatch.com, Best Buy Co. Inc. (NYSE: BBY) has reported its fiscal 2012 third-quarter profit fell 13 percent and that it expects profit margins to fall by about one half of a percentage point and same-store sales to be flat to down 3 percent for the full fiscal year 2012.
The company earned $154 million, or 42 cents a share in the third quarter, compared to $217 million, or 54 cents a share a year ago, according to the story. Revenue at the firm rose to $12.01 billion, from $11.89 billion a year ago.
Best Buy shares have fallen 8.5 percent before the stock market even opened since the early morning announcement.
The company earned $154 million, or 42 cents a share in the third quarter, compared to $217 million, or 54 cents a share a year ago, according to the story. Revenue at the firm rose to $12.01 billion, from $11.89 billion a year ago.
Best Buy shares have fallen 8.5 percent before the stock market even opened since the early morning announcement.
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