RICHFIELD, Minn. — Best Buy’s fiscal second-quarter net income fell 45 percent, with sales weakening as shoppers continued their move to making purchases online.
The consumer electronics company’s adjusted profit topped Wall Street’s view, but revenue fell short. The Richfield, Minnesota-based company earned $146 million, or 42 cents per share, for the period ended Aug. 2. That compares with $266 million, or 77 cents per share, a year earlier.
Stripping out certain items, earnings were 44 cents per share.
That easily beat the 31 cents per share expected by analysts surveyed by Zacks Investment Research.
Revenue dropped to $8.9 billion from $9.27 billion. Wall Street forecast $8.97 billion in revenue.
Sales at domestic stores open at least a year declined 2 percent. This figure is a key gauge of a retailer’s health because it excludes results from stores recently opened or closed.