Best Buy Falls on Poor Q2 Results

By Benzinga,  August 21, 2012, 10:55:24 AM EDT

Struggling consumer electronics retailer Best Buy (NYSE: BBY ) released its second-quarter earnings results prior to the opening bell on Tuesday. The company also suspended its earnings guidance for fiscal 2013.

The company reported net earnings of $12 million or $0.04 per share, compared to $128 million or $0.34 per share, in the year ago period.

On an adjusted basis, Best Buy reported earnings per share of $0.20. This compared to Wall Street analysts' consensus EPS estimates of $0.31.

Revenues in the quarter came in at $10.547 billion versus $10.858 billion in the year ago quarter. This missed Wall Street analysts' consensus revenue estimates of $10.63 billion.

Comparable store sales for the second-quarter fell 3.2 percent. Last year, comparable store sales fell 3.8 percent.

During Tuesday's trading session, Best Buy shares were trading down 3 percent in early trade. The stock opened sharply lower, but has been rising since the open. Best Buy opened at $16.38 and was last trading at $17.58.

(c) 2012 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: BBY



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