Best Buy (NYSE: BBY) shares plunged as it reported another weak quarter. CEO Brian J. Dunn may be closer to losing his job.
Revenue rose only 2% to $12.1 billion in the quarter which ended on November 26, which means results were probably poor in the first part of the shopping season.
EPS fell 22% to $.42.
Best Buy indicated it was
Confirming fiscal year adjusted diluted EPS guidance range of $3.35 to $3.65, including the estimated impact from fiscal 2012 share repurchases and excluding previously announced charges and other items as detailed below. Including these charges and other items, the resulting fiscal year GAAP basic EPS (loss per share) guidance range is ($3.52) to ($3.17).
For the balance of the year
Revenue continued to be expected in the range of $51.0 billion to $52.5 billion, reflecting comparable store sales in the range of flat to a 3 percent decline
Investors hoped that Best Buy would finally break out of its decline as the holidays begun. Brian Dunn must be under pressure to leave after so many disappointing quarters.
Douglas A. McIntyre
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