Best Buy stock plunges on 'unsatisfactory' Q3 results

[DSM Local]

Best Buy Co. Inc. shares plunged 13 percent on Tuesday after the consumer-electronics giant posted third-quarter results that were worse than Wall Street expected.

Excluding restructuring charges, Richfield-based Best Buy (NYSE: BBY) had earnings of $10 million, or 3 cents per diluted share — well below analysts' estimates of 12 cents per share. Revenue was down slightly to $10.7 billion as same-store sales fell 4.3 percent.

"Best Buy's financial performance during the quarter was clearly unsatisfactory," CEO Hurbert Joly said during the earnings call, just one week after outlining his turnaround plan for the company. "The results we're reporting today only strengthens our sense of urgency and purpose.

The mobile phone category was the biggest bright spot for the quarter with comparable-store sales climbing 32 percent, thanks to the launch of the iPhone 5 and other new products. Appliances, tablets and e-readers also posted gains.

However, the growth in those categories was offset by declines in laptops, gaming, digital cameras and televisions.

Still, Best Buy officials painted a relatively optimistic outlook for the fourth quarter, pointing to the anticipated impacts of new product introductions and a holiday price-match program that extends to certain online retailers.

The new product launches include Windows 8, for which Best Buy will feature 45 exclusive computer and laptop models. There are a variety of new phones, tablets, video games and the new Wii U gaming platform.

As for the price-matching program, Best Buy officials declined to comment on how that might impact its fourth-quarter margins.

http://www.bizjournals.com/twincities/news/20...

[Amused Slew]

Tech financial experts have predicted BB going broke before long.

Looks like they are right.

Once BB is on the slipery slope customers will abandon the store because of warrentee and product return concerns etc and the end will be near.

She'll be closed by second quater 2013.

[non-starter]

Amused Slew wrote:

Tech financial experts have predicted BB going broke before long.
Looks like they are right.
Once BB is on the slipery slope customers will abandon the store because of warrentee and product return concerns etc and the end will be near.
She'll be closed by second quater 2013.

If Best Buy was a union company, Obama would bail them out. Maybe Best Buy should organize.

[Bridgework]

Amused Slew wrote:

Tech financial experts have predicted BB going broke before long.
Looks like they are right.
Once BB is on the slipery slope customers will abandon the store because of warrentee and product return concerns etc and the end will be near.
She'll be closed by second quater 2013.

Tech finacial experts have predicted them going broke since the mid 90's. They are doing OK, but not great and to say they will be out of buisness in 4-7 months is crazy (unless the have no holiday sales).

[Amused Slew]

non-starter wrote:

<quoted text>If Best Buy was a union company, Obama would bail them out. Maybe Best Buy should organize.

Could be but the messiah didn't bail out the Hostess union workers.

Maybe the auto unions had too many votes at risk to ignore them.

Perhaps ALL unions in the USA should combine into one giant union called "The Socialized Workers Union". Once combined they would have a lot of power and be able to vote anyone into office they would like.

[Amused Slew]

Or we could whine and blame the black guy, because you're a bunch of LOSERS ~! Especially, fake nutcase slew ! LMAOROTFu~! Waaa waaa waaa you NEED the government to take care of you, but don't want to give them money to exist, right moron ???

[non-starter]

Amused Slew wrote:

<quoted text>
Could be but the messiah didn't bail out the Hostess union workers.
Maybe the auto unions had too many votes at risk to ignore them.
Perhaps ALL unions in the USA should combine into one giant union called "The Socialized Workers Union". Once combined they would have a lot of power and be able to vote anyone into office they would like.

All the Hosetess union workers had to do was accept the contract. Not even the mighty Obama can fix stupid.

[Amused Slew]

They accepted the last one and Hostess gave executive raises and quit funding pensions...but you are a complete moron, right ??? END OF STORY ~! LMAOROTFU~!

[non-starter]

Amused Slew wrote:

They accepted the last one and Hostess gave executive raises and quit funding pensions...but you are a complete moron, right ??? END OF STORY ~! LMAOROTFU~!

Your definition of last and mine are greatly different. They were offered one in November of this year that they turned down. There were no offers after that, therefore, they turned the last offer down. Maybe tomorrow we can work on a new word.

[Amused Slew]

Since you talked about this contract, it cannot be the last contract BEFORE this one, now can it MORON ~! Work isn't a word you know, try misinterpret, MORON ~!..... Ps Your clue was Hostess contract...