Best Buy Reports 3rd-Quarter Loss
From The Curious Capitalist
November 20, 2012 - 10:24am
NEW YORK — Best Buy Co. reported another dismal quarter on Tuesday, recording a loss in the third quarter, hurt by a continued sales slump and charges related to restructuring. Shares fell more than 11 percent in morning trading to its lowest level in more than a decade. The electronics chain is struggling to reverse a yearslong decline in its business as competition from online stores and discounters increases, and consumers’ tastes shift from more profitable items like TVs and desktop computers toward less profitable smartphones and tablets. (MORE: 8 Black Friday Mistakes You Can’t Afford to Make) In addition, it’s facing a growing number of consumers who are “showrooming,” going to Best Buy stores to check out merchandise but buying it elsewhere, is a challenge for the retailer. “In-line with trends experienced over the last three years, Best...
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