Best Buy - News

Ticker Symbol: BBY

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Following Best Buy's latest earnings report, the firm is setting its target on restructuring costs in the next few years in addition for plans to offer some of its workforce buyout packages.

Best Buy News - Past

The nation's number 1 electronics retailer reported its quarterly results on Tuesday, posting earnings of $0.13 per share, or $52 million in net income, down from $228 million in the same period a year ago. A Thomson Reuters poll of analysts called for earnings of 25 cents.

Best Buy recently announced same store sales fell 7.6% in October and 1.3% in September, issuing a shot across the bow to analysts hoping the electronics retailer would be able to weather the storm as we head into the holidays. Additionally, Best Buy guided same-store sales could drop by 5% to 15%. S&P and Fitch cut BBY's debt rating, citing increased risk to cyclical downturns in consumer spending.

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