Best Buy Results Jolt Investors
Best Buy Co., releasing what it called “clearly unsatisfactory” results, said it sank into the red for the fiscal third quarter on a restructuring charge. Adjusted per-share earnings, stripping out that charge, plunged 94 percent.
Last month, the struggling retailer had warned that its adjusted earnings would be “significantly below” the prior-year period, but markets were still taken aback, and shares fell 13 percent in Tuesday morning trading, to a new 10-year low. Through Monday’s close the stock had already dropped 49 percent in the past 12 months.