EARNINGS SLUMP: Best Buy Co. reported a 90 percent drop in second-quarter net income, dragged down by restructuring costs and weak sales The company's total revenue was up nearly 3 percent. But revenue at stores opened at least a year, a critical yardstick of a retailer's health, fell 3.2 percent.
BEHIND THE RESULTS: The nation's largest consumer electronics chain is contending with changing shopping patterns, including a shift to online spending, as well as a weak economy here and abroad.
LOOKING AHEAD: Amid uncertainty about the second half of the year, Best Buy withdrew its full-year earnings guidance. It's also halting stock buybacks for fiscal 2013.