Best Buy reports 3rd-quarter loss
NEW YORK (AP) -- Best Buy Co. Tuesday reported a third quarter loss and continued sales slump just as the crucial holiday season revs up.
Adjusted for restructuring charges, it earned 3 cents per share, well below analysts' expectations. The news sent shares down more than 12 percent in midday trading to their lowest level in more than two decades.
The electronics chain is trying to reverse a yearslong decline in its business as competition from online stores and discounters increases, and consumers' tastes shift from more profitable items like TVs and desktop computers toward less profitable smartphones and tablets.
The Minneapolis company reported a loss of $10 million, or 3 cents per share, for the three months ended Nov. 3. That compares with net income of $156 million, or 42 cents per share in the prior year period.