Best Buy 2Q results fall amid softening demand for gadgets

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Best Buy posted declines in fiscal second quarter profits and sales as the nation’s largest consumer electronics chain struggled with weakening consumer demand for gadgets and high costs that rippled through its supply chain. But the results, announced on Tuesday, were above analysts’ expectations. That pushed shares up nearly 3% higher in premarket trading. Best Buy reported that net income fell 60% to $306 million, or $1.35 per share, for the three-month period ended July 30. That compares with $734 million, or $2.90 per share, last year. Revenue dropped 13% to $10.33 billion. Analyst were expecting $1.27 per share on sales of $10.27 billion, according to FactSet. Comparable sales dropped 12.1% compared to 19.6% increase in the year-ago period.