• September 13, 2011

Despite strong sales in tablets and appliances, Best Buy says its net income fell 30% to $177 million for the fiscal second quarter, while comparable-store sales declined 2.8%. Total revenues were flat at $11.35 billion.

"While results in the second quarter and our outlook reflect continued macro challenges to overall consumer spending and lower consumer electronics industry sales," CEO Brian J. Dunn says in its release, "we have made good progress on our key strategic focus areas in this environment. Looking forward to the important holiday season, I believe Best Buy is well positioned to bring the benefits of our multi-channel model to our customers and shareholders."

In addition to strength in tablets, appliances and eReaders, the Minneapolis-based company says online sales grew 13% for the quarter, as traffic increased. Sales in TVs, gaming, and digital imaging declined. Sales of mobile phones fell 5%.