“Best Buy Co., the largest U.S. electronics retailer, said Tuesday second-quarter results fell below expectations as sales at established stores fell.
Still, the retailer raised its guidance for the year based on stabilizing customer traffic.
Profit for the three months ended Aug. 29 fell 22 percent to $158 million, or 37 cents per share, from $202 million, or 48 cents per share last year, hurt by higher expenses and the stronger dollar. Analysts polled by Thomson Reuters, on average, predicted a profit of 42 cents per share.
Revenue rose 12 percent to $11 billion, boosted by gains from adding Best Buy Europe’s revenue and the addition of 170 net new stores over the past 12 months. That was offset by a 3.9 percent decline of sales at established stores and the drag of the stronger dollar, which hurts international revenue because sales translate back into fewer dollars.”
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