Best Buy reports 1Q loss as it sold stake in Europe venture, works on restructuring plan
MINNEAPOLIS – Best Buy Co. is reporting a loss in its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores.
The electronics retailer says net loss for the three months ended May 4 after paying preferred dividends totalled $81 million, or 24 cents per share. That compares with net income of $158 million, or 46 cents per share, last year.
Excluding restructuring costs and costs related to selling its stake in Best Buy Europe, net income from continuing operations totalled 32 cents per share. Analysts expected 24 cents per share.
Revenue fell nearly 10 per cent to $9.38 billion, short of expectations of $10.67 billion.
Best Buy’s stock fell 3.4 per cent to $25.90 in premarket trading.
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