Best Buy Falls on Poor Q2 Results
Struggling consumer electronics retailer Best Buy (NYSE: BBY) released its second-quarter earnings results prior to the opening bell on Tuesday. The company also suspended its earnings guidance for fiscal 2013.
The company reported net earnings of $12 million or $0.04 per share, compared to $128 million or $0.34 per share, in the year ago period.
On an adjusted basis, Best Buy reported earnings per share of $0.20. This compared to Wall Street analysts' consensus EPS estimates of $0.31.
Revenues in the quarter came in at $10.547 billion versus $10.858 billion in the year ago quarter. This missed Wall Street analysts' consensus revenue estimates of $10.63 billion.
Comparable store sales for the second-quarter fell 3.2 percent. Last year, comparable store sales fell 3.8 percent.
During Tuesday's trading session, Best Buy shares were trading down 3 percent in early trade. The stock opened sharply lower, but has been rising since the open. Best Buy opened at $16.38 and was last trading at $17.58.
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