Investing.com - U.S. electronics retailer Best Buy (NYSE:BBY)
saw shares fall sharply in pre-market trade on Tuesday, after the
company reported lower than expected second quarter revenue.
Best Buy said adjusted earnings per share came in at 42 cents
for the 13-week quarter ended August 2, beating expectations for
adjusted earnings of 31 cents per share.
The company's second quarter revenue totaled $8.9 billion,
missing forecasts for revenue of $8.98 billion.
Comparable-store sales fell 2.0% on continued weakness in the
consumer electronics category.
Sharon McCollam, Best Buy EVP, CAO and CFO, commented,
"Industry-wide sales are continuing to decline in many of the
consumer electronics categories in which we compete. We are also
seeing ongoing softness in the mobile phone category ahead of
highly-anticipated new product launches."
She added that, "Absent any change in these declining industry
trends and with limited visibility to new product launch
quantities, we continue to expect comparable sales to decline in
the low-single digits in both the third and fourth quarters."
Following the release of the report, Best Buy Co Inc (NYSE:BBY)
shares tumbled 4% in pre-market trade.
Meanwhile, U.S. equity markets pointed to a higher open. The Dow
30 pointed to a gain of 0.15%, the S&P 500 indicated an
increase of 0.15%, while the Nasdaq 100 signaled a rise of 0.2% at
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