Blog Post

Earnings: Best Buy Asks For Voluntary Staff Departures To Deal With ‘Challenging Environment’

imageBest Buy reported Q3 earnings today, and outlined a number of cost-cutting measures, including asking for voluntary employee departures to deal with the most “challenging consumer environment” the company has ever faced. The company said it earned $52 million, or 13 cents a share, which was far less than the year-ago period when it earned $228 million, or 53 cents a share. The drop was mostly due to an impairment charge of $111 million, which was related to a significant decline in the value of the company