Best Buy reports drop in profit
August 22 , 2012
Struggling U.S. electronics chain Best Buy has reported a drastic fall in profits.
Net profits plummeted to $12 million on the back of revenues of $10.6 billion in the second quarter. Profits were $150 million compared to the same period last year.
The drop was worsened by a $91 million one-off charge following the closure of some stores.
Due to the uncertainty over its future sales, Best Buy said it could not provide a forecast on its full-year profits.