Best Buy earnings disappoint but outlook improves as economic static clears

Updated

Best Buy Co. (BBY) joined the chorus of retailers seeing improvement in their tea leaves, despite lower sales and profits this quarter and missing Wall Street's expectations.

The leading electronics retailer posted net income of $158 million for the quarter ended August 29, down from $202 million. Earnings per share dropped to 37 cents, down 22.9 percent from 48 cents last year. Best Buy CEO Brian Dunn said the results were in line with expectations, but analysts had expected 42 cents per share.

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