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HUGE MISS: Best Buy Wiffs On Revenue And Earnings (BBY)
Embattled electronics giant Best Buy said operating income fell more than fifty percent this quarter, as same-store sales declined more than three percent from the year ago period.
The company said it earned adjusted operating income of $ 124 million during the three months ended August 4, or $ 0.20 a share. Revenues declined three percent during the period to $ 10.55 billion.
Analysts polled by Bloomberg forecast Best Buy will post earnings of $ 0.31 a share on revenues of $ 10.6 billion.
The Minneapolis based firm also suspended its guidance and said it would stop buying back shares as it re-evaluates its position.
Consumers continued to use Best Buy locations as show rooms, with both international and domestic stores tallying lower sales across major product segments including computing.
“The Domestic segment comparable store sales decline of 1.6 percent was driven by declines in gaming within the Entertainment revenue category, digital imaging and televisions within the Consumer Electronics revenue category and notebooks within the Computing and Mobile Phones revenue category,” Best Buy said in a statement.
Shares are more than 9 percent lower in pre-market trade, at $ 16.47.
Embattled electronics giant Best Buy is set to report quarterly results for its second quarter in a few minutes, with expectations for the company to see revenues fall some three percent year-on-year.
Analysts polled by Bloomberg forecast Best Buy will post earnings of $ 0.31 a share on revenues of $ 10.6 billion — both representing declines from the year ago and prior quarter.
The company has scheduled its announcement for 8:00 a.m. ET.