Best Buy reports lower than expected quarterly profits

The top U.S. electronics retailer Best Buy Co. today posted quarterly earnings ended Aug 29.

The company’s total revenue was up 12-percent in the quarter to $11 billion, but profits were down from $202 million in the same period last year to $158 million ($0.37 per share).

 Best Buy also missed expectations by 1 cent, with profit without tax being $0.40 per share.

The company continues to increase its market share but faces intensifying competition with Wal-Mart (the top consumer retailer in the world) beginning to add more consumer electronics in its stores such as computers and televisions.

Best Buy reported that same store sales (stores opened for at least 14 months) were down 3.9-percent in the quarter.

The company increased its 2010 forecasts to earnings of $2.70-$3 per share, up from previous estimates of $2.50-$2.90 per share.

The Best Buy stock is trading down following the news, and at about mid-day trading the stock was down 4.63% at $38.54 per share.

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Peggy holds a Bachelor Arts degree with honors in Economics from York University in Toronto, Canada. She is a Certified Management Accountant (CMA). She has also passed Level I of the Chartered Financial Analyst (CFA) Program. She is also a realtor. Write to [email protected]
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  • bradly1

    wal-mart is gonna end up eating everyone's lunch sooner or later…they're really diversifying and each time i step into a wal-mart store, i'm shocked at how many people every store attracts.

  • bradly1

    wal-mart is gonna end up eating everyone’s lunch sooner or later…they’re really diversifying and each time i step into a wal-mart store, i’m shocked at how many people every store attracts.

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