Best Buy reported its third quarter earnings on Tuesday and noted revenue of $10.75 billion and $0.04 earnings per share for the quarter, down from $11.14 billion during the third quarter of last year. The company missed Wall Street estimates of $0.12 earnings per share and $10.73 billion in revenue, CNBC said. Best Buy also noted its ninth decline in in-store sales, which is worrisome ahead of the holiday season as shoppers move to online retailers.
“In line with trends experienced over the last three years, Best Buy’s third quarter financial performance was clearly unsatisfactory,” Best Buy CEO Hubert Joly said. “On November 13, we shared our candid assessment of Best Buy’s situation and unveiled Renew Blue, a set of priorities to begin re-invigorating the company’s performance and rejuvenating Best Buy. The results we are reporting today only strengthen our sense of urgency and purpose.”
Joly took the helm of Best Buy in July and has a record of transforming companies. Let’s hope he can do the same for Best Buy.