Best Buy Q1 Down 15%
June 17, 2009 at 6:26 AM (PT)
BEST BUY's first-quarter profit fell 15% as sagging consumer demand drove down sales, sending shares down 7.3%, or $2.82, to $35.84, their steepest drop since DECEMBER, reports BLOOMBERG.
Net income at the world's largest electronics retailer, and one of the largest music retailers, dropped to $153 million, or 36 cents a share, in the three months ended MAY 30th. Sales at stores open at least 14 months fell 6.2%, far worse than a 2.3% drop predicted by COLIN McGRANAHAN, an analyst with SANFORD C. BERNSTEIN.