Best Buy Profit Drops
Best Buy posted a drop in profit of 19 percent over the year before, which the company attributed to having spent money this quarter on the rollout of the Best Buy Mobile concept.
According to the Associated Press, Best Buy posted earnings of $202 million in the second quarter, down from $250 million the same period the year before. Revenue, meanwhile, jumped 12 percent to $9.8 billion.
“Customers are noticing and appreciating the changes we’ve made in our shopping experience,” company CEO Brad Anderson said in a statement, adding that “we have some work to do in terms of managing our expenses amid a challenging macroeconomic environment.”