Best Buy posts net loss in Q3 as sales shrink

0 Comment(s)Print E-mail Xinhua, November 21, 2012
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Best Buy, the world's largest consumer-electronics retailer, on Tuesday reported a drop in third- quarter profit due to sales loss.

Net loss amounted to 10 million U.S. dollars in the fiscal quarter ended Nov. 3, compared with profit of 156 million dollars a year ago and 12 million dollars in the previous quarter, the company said in a financial report.

Sales by stores open at least 14 months dropped 4.3 percent compared to the prior year period as consumers bought fewer notebooks, gaming, digital imaging and televisions. The comparable- store sales had declined in nine of the past ten quarters.

The total quarter revenue also declined by 3.5 percent to 10.8 billion dollars, said the company. But on-line sales in the quarter climbed more than 10 percent to 431 million dollars.

Best Buy named Hubert Joly as its chief executive officer in September, who increased employee training to improve customer service in the competition with Amazon and Walmart. It boosted expenses to 2.54 billion dollars, 2.7 percent more than last year. Endi

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