Best Buy Co. (NYSE:BBY) shares are down over 7% after a fairly dismal earnings announcement. The number one electronics retailer showed net income fell to $177 million (47 cents per share) vs. $254 million (60 cents per share) a year earlier. This is a decline of 30.3% from the year earlier quarter. Revenues were flat at $11.35 billion. BBY fell short of the mean analyst estimate of 53 cents per share. Analysts were expecting revenue of $11.52 billion. Don’t Miss: Your Cheat Sheet to Best Buy Earnings.
Other electronics retailers are reacting to Best Buy’s numbers. Direct competitors RadioShack Corporation (NYSE:RSH) and hhgregg, Inc. (NYSE:HGG) are catching a solid bid this morning. Larger retailers with significant electronics departments Target (NYSE:TGT) and Sears Holdings (NASDAQ:SHLD) are also up. Unfortunately, GameStop Corp. (NYSE:GME) and Walmart (NYSE:WMT) aren’t able to get in the green.
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