Best Buy says profits may be squeezed
Source: Agencies |
May 22, 2013, Wednesday
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Print Edition
Print Edition
BEST Buy Co Inc reported weak quarterly sales yesterday and warned that a slew of investments to entice shoppers could squeeze profits in the near term.
The news eclipsed its better-than-expected first-quarter profit and sent the world's largest consumer electronics chain down 4 percent in pre-market trading.
Net earnings from continuing operations fell to US$97 million, or 29 cents a share, from US$169 million, or 49 cents a share a year earlier. Excluding restructuring and other charges but including Europe, the retailer earned 36 cents a share, beating the analysts average estimate of 25 cents, according to Thomson Reuters I/B/E/S.
Under CEO Hubert Joly, who took the helm last autumn, it has been matching rivals' online prices, dedicating more in-store space to faster-growing products such as smartphones and tablets, and investing in employee training and revamping stores.
The news eclipsed its better-than-expected first-quarter profit and sent the world's largest consumer electronics chain down 4 percent in pre-market trading.
Net earnings from continuing operations fell to US$97 million, or 29 cents a share, from US$169 million, or 49 cents a share a year earlier. Excluding restructuring and other charges but including Europe, the retailer earned 36 cents a share, beating the analysts average estimate of 25 cents, according to Thomson Reuters I/B/E/S.
Under CEO Hubert Joly, who took the helm last autumn, it has been matching rivals' online prices, dedicating more in-store space to faster-growing products such as smartphones and tablets, and investing in employee training and revamping stores.
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