Best Buy’s domestic sales fell 13.1% from last year in the second quarter as comps fell 12.7%, according to a press release. Comp sales fell across all categories, the company said.
Companywide, operating profit fell by more than half from a year ago to $371 million in Q2. CEO Corie Barry told analysts that the quarter brought a more promotional environment in electronics than management expected.
The profit drop includes $34 million in restructuring costs related to employee terminations. The Wall Street Journal reported earlier this month that Best Buy has cut “hundreds” of store employees.Retail Dive