Retailer Best Buy sees 3% YoY revenue fall
Latest financial results show drops in revenue and gross profit compared to last year
American retail chain Best Buy has seen both revenue and gross profit fall, and has reduced its annual earnings expectations.
Total revenue for the quarter ended August 4 stood at $10.55 billion, down 3 per cent on the same period last year. Gross profit was $2.56 billion, down 7 per cent on last year's $2.76 billion.
"Due to lowered expectations for industry wide sales and the uncertainty associated with several key product launches expected in the second half of fiscal 2013, the company has reduced its annual earnings expectations."
It noted that there had been a decline in sales for gaming, digital imaging, televisions and notebooks.
"The domestic segment comparable store sales decline of 1.6 percent was driven by declines in gaming within the Entertainment revenue category, digital imaging and televisions within the Consumer Electronics revenue category and notebooks within the Computing and Mobile Phones revenue category."
Entertainment made up just 8 per cent of revenue, down 2 per cent on the same period last year.
The company recently announced the appointment of new CEO Hubert Joly.