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Electronics retailer Best Buy is set to announce first quarter fiscal 2013 results before the opening bell tomorrow to tempered expectations as the company operates without a permanent chief executive.The company’s long-time chief executive, Brian Dunn, resigned abruptly in April amid an investigation by the board of directors into a relationship with a subordinate.
That news, which helped send shares down to 52-week lows, put in question plans released just before Dunn’s departure: the company’s strategic shift to mobile phones as its next big revenue driver.
Wall Street expects the Richfield, Minn, based retailer to post top line results of $11.5 billion and earnings per share of $0.60.
Last quarter the company substantially missed analyst expectations, with revenue increasing just three per cent to $16.6 billion, half a billion dollars below forecasts. Earnings per share hit $2.47 during the period, sharply above estimates.
In March Best Buy announced it would close 50 big box locations in the U.S. as it refocused around mobile, hoping to operate more than 800 mobile-only locations by 2016.