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Best Buy Q2 Earnings Fall 91%

Minneapolis – Restructuring charges sent Best Buy’s profits sliding 91 percent to $12 million during its fiscal second quarter, ended Aug. 4.
Excluding the charges, net earnings fell 47 percent to $68 million for the period.
Total revenue declined 3 percent to $10.5 billion, and worldwide comp-store sales fell 3.2 percent.
In the U.S., revenue declined 2.2 percent to $7.8 billion and comparable store sales slipped 1.6 percent — up from a 4.1 percent drop during the year-ago quarter — while online sales increased 14 percent year over year. The company said it maintained its U.S. market share quarter over quarter.
The comp decline was driven by weakness in gaming, digital imaging, TV and notebook computers, the chain reported, and was partially offset by comp sales gains in tablets, mobile phones, e-readers and majaps.
Best Buy said it reduced its big-box square footage by 4 percent year over year to 41 million square feet while increasing its store productivity 1 percent to $857 per square foot.
Looking ahead, the chain lowered its full-year earnings outlook based on “lowered expectations for industrywide sales and the uncertainty associated with several key product launches” in the second half of its fiscal year.