News

Best Buy Continues To Prepare For Difficult Economic Environment, Plans Significant Spending Reductions

MINNEAPOLIS, Dec. 16, 2008 -- Best Buy Co., Inc. (NYSE: BBY) today reported net earnings of $52 million, or $0.13 per diluted share, for its fiscal third quarter ended on Nov. 29, 2008. These results were compared with net earnings of $228 million, or $0.53 per diluted share, for the prior-year fiscal third quarter. The reduction in third-quarter earnings was due in large part to a non-operating impairment charge of $111 million ($93 million net of tax, or $0.22 per diluted share), related to a significant and sustained decline in the market price of the company’s nearly 3 percent stake in the common shares outstanding of The Carphone Warehouse Group PLC (CPW).

Related links