(RTTNews) - Shares of Best Buy Inc. (BBY) are losing more than 6 percent or $7.11 in Tuesday's morning trade at $110.26, after the electronics retailer warned that its third-quarter sales will likely not continue at the current rate of growth.
Tuesday, Best Buy said its second-quarter net earnings rose to $432 million or $1.65 per share from $238 million or $0.89 per share in the prior-year quarter. Excluding items, adjusted earnings were $1.71 per share, compared to $1.08 per share a year ago. Analysts polled by Thomson Reuters had a consensus earnings estimate of $1.08 per share. Analysts' estimates typically exclude special items.
Enterprise revenues edged up to $9.91 billion from $9.54 billion in the same quarter last year, while the Street had a consensus revenue estimate of $9.71 billion.
Looking ahead, Best Buy said that while it is planning for third-quarter sales to be higher compared to last year, it will likely not continue at the current quarter-to-date level of about 20 percent growth. The company also did not provide financial guidance for the full year.
Best Buy has traded in a range of $48.11 to $119.48 in the past 52 weeks.
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