Best Buy quarterly results show that Best Buy sales fell short of predictions.
- Best Buy’s stock fell 6% after disappointing quarterly results were released on Tuesday.
- While sales of notebook computers, cell phones, and appliances were strong, sales of games, music, movies, and televisions fell short.
- Executives are optimistic that customers will continue spending, though, and pull the company out of this rut.
Facts and Figures
- First quarter net earnings were 36 cents per share (less than predicted 50 cents per share)
- Reported sales for this quarter were $10.8 billion (less than predicted $10.9 billion)
- Retail sales fell by 1.2% in May 2010 (they were expected to rise 0.2%)