Best Buy Posts $10 Million Net Loss as Store Sales Drop
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Best Buy Co., the consumer-electronics retailer being evaluated for a takeover by its founder, posted a $10 million fiscal third-quarter net loss as sales at established stores fell more than expected.
The loss in the quarter ended Nov. 3 was 3 cents a share, compared with profit of $156 million, or 42 cents, a year ago, Richfield, Minnesota-based Best Buy said today in a statement. Excluding some items, profit was 3 cents a share. The average of 16 analysts’ estimates compiled by Bloomberg was 12 cents.