Originally published at www.seclive.com
Best Buy Co., Inc. (NYSE:BBY) announced its third quarter results for the year, reporting revenue at $9.36B. The company's earnings were better than analyst expectations of $0.12 per share, at $0.18 per share. Comparable store-sales improved by 0.3%, missing expectations of 0.7% growth. Best Buy has strived to improve profitability, particularly when Hubert Joly was appointed as CEO last year, buy cutting jobs and management layers while also closing unprofitable stores. Despite the fact that the company beat earnings expectations, CFO Sharon McCollam commented that competition in fourth quarter could very likely impact the company's gross margin. These comments immediately troubled investors, which led to Best Buy's stock price to fall 6.6%.
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