Restructuring, poor sales hurt Best Buy profits

Best Buy Co.'s shares were fluctuating in heavy trading Thursday after the giant electronics retailer reported a dip in fourth-quarter sales and profits, even while it beat earnings estimates. The Richfield-based company said its profits fell to $651 million, or $1.62 per share, for the three-month period ended Feb. 26 - that included a $222 million charge related to a restructuring of its international business, with store closings in China. Earnings for the fourth quarter last year were $779 million, or $1.82 per share. Without the charge, earnings in the most recent quarter would have been $1.98 per share. Analysts polled by Thomson Reuters expected earnings of $1.85 per share on sales of $16.3 billion. Such estimates typically exclude one-time charges. Best Buy reported fourth-quarter sales of $16.26 billion, down less than 2 percent from $16.55 billion a year earlier. Same-store sales, a key retail metric, dropped 4.6percent.

Comments (0)

This post does not have any comments. Be the first to leave a comment below.

Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

PureLink - HCE II Tx/Rx - 4K HDMI over HDBaseT Extension System

PureLink - HCE II Tx/Rx - 4K HDMI over HDBaseT Extension System

The HCE II 4K HDMI over HDBaseT Tx/Rx Kit provides an accessible, easy-to-install solution for extending HDMI video and embedded audio over long distances using a single CATx cable. The HCE II supports full 3D content and extends uncompressed HDCP- protected HDMI content and embedded lossless audio formats with bi-directional control signals (IR) up to 230 feet (70m) at 1080p and up to 130 feet (40 meters) at 4K/Ultra-HD resolutions.