Bad News At Best Buy

  • December 13, 2011

Best Buy says its third-quarter operating income fell 15% to $328 million, and while revenues eked out a 1.7% gain to $12.1 billion, the results were below industry expectations. On a same-store basis, the Minneapolis-based company says domestic store sales grew just under 1%. The company says sales in mobile computing (including tablets), appliances, eReaders, mobile phones, and movies gained, while digital imaging and gaming declined. For the full year, it still expects revenue in the range of $51 billion to $52.5 billion, reflecting comparable-store sales in the range of flat to a 3% decline.

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