Photo: By Ron Dauphin on flickr
Not good!Shares of Best Buy are getting hammered after electronics retailer Best Buy delivered a big miss in expectations.
EPS of $.54 was well behind expectations of $.61 for the quarter ending November 10 (so doesn’t include Black Friday). The company also cut its full-year estimates.
Revenue for the quarter of $11.9 was not only below expectations, it was a 1% decrease from last year.
The full announcement is here.
Reading the release it sounds like they’re getting crushed by e-commerce, as they talk about market-share losses: “The company estimates that its domestic market share declined 110 basis points versus the comparable period last year for the three months ended October 31, 2010. The decline was driven primarily by declines in TVs, mobile computing and gaming software. Based on fiscal year-to-date trends, the company now estimates that its domestic market share will decline for the full fiscal year as compared to the prior fiscal year.”
There’s a good chance that Best Buy’s losing to both Wal-Mart — now selling tons of electronics — and Amazon.
The stock is off about 10%.
The overall market has turned lower on the news.
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