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VOL. 36 | NO. 46 | Friday, November 16, 2012
Best Buy reports 3rd-quarter loss
MINNEAPOLIS (AP) — Best Buy Co. says it recorded a loss in the third quarter, hurt by a continued sales slump and charges related to its restructuring plan. Shares fell 6 percent in premarket trading.
The struggling electronics chain reported a loss of $10 million, or 3 cents per share. That compares with net income of $156 million, or 42 cents per share in the prior year period. Excluding one-time items, net income totaled 3 cents per share. Analysts expected 13 cents per share.
Revenue fell 4 percent to $10.75 billion. That matched analyst expectations.
The company said previously it expected third-quarter results to decline significantly. Last week CEO Hubert Joly outlined a plan to improve results via beefing up customer service and revamping stores while at the same time cutting costs.