Best Buy Profit Drops 22 Percent
Best Buy announced Tuesday that its profit fell 22 percent in the second quarter, a result below analysts' expectations. The Minnesota-based retail giant posted a $158 million profit, down from $202 million the same period last year.
Analysts, according to Bloomberg News, expected a 42-cents-a-share profit; Best Buy actually posted a profit of 37 cents a share.
The earnings represented CEO Brian Dunn's first full quarter since taking the helm of the company from Brad Anderson.