News Summary Best Buy's 2Q profit down 90 percent

AP News
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Posted: Aug 21, 2012 12:31 PM

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.