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Best Buy Earnings Plunge 90 Percent

August 21, 2012 By Stephen Silver
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Best Buy Tuesday reported a profit of $12 million for the most recent quarter, a 90 percent drop from the same time last year. The company also suspended its earnings guidance.

The results missed analyst estimates, the AP reported.

Revenue dropped 3.2 percent at domestic stores open more than 13 months. The company listed tablets, mobile phones, appliances and E-readers as growth categories, while declines were seen in gaming, digital imaging, televisions and notebooks.

The results came a day after Hubert Joly was named the company's next CEO, amid a much-publicized takeover attempt by company founder Richard Schulze.


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