Best Buy Slide Continues As Company Posts Loss

Best Buy Tuesday reported another week quarter, posting a $10 million loss, compared with a $156 million profit for the same period a year before. Same-store sales dropped 4.3 percent.

The performance was below analyst expectations, Bloomberg News said.

“In line with trends experienced over the last three years, Best Buy’s third quarter financial performance was clearly unsatisfactory,” CEO Hubert Joly said in a statement.

“On November 13, we shared our candid assessment of Best Buy’s situation and unveiled Renew Blue, a set of priorities to begin re-invigorating the company’s performance and rejuvenating Best Buy. The results we are reporting today only strengthen our sense of urgency and purpose.”

Meanwhile, the Minneapolis Star Tribune reported Monday that Joly plans to meet soon with Richard Schulze, the Best Buy founder who is planning a takeover of the company.