Best Buy Shakes Up Management
Best Buy Co. announced a leadership shake-up as the struggling electronics chain warned that earnings this quarter would be “significantly below” those it posted a year ago.
The retailer said it also expects results of the quarter ending Nov. 3 to be as bleak as those in the three months ended Aug. 4, when profit plunged 91 percent, sales fell 3.4 percent at stores open at least 14 months and profit margins contracted by a percentage point. The Richfield, Minn., company will report earnings on Nov. 20.
