Richfield-based Best Buy says its second-quarter net income fell 90 percent as the big-box electronics chain logged restructuring charges and saw sales continue to decline, the Associated Press reports. Best Buy also withdrew its earnings view for the year. The company says it earned $12 million, or 4 cents per share, in the quarter ended Aug. 4 — compared with $128 million, or 34 cents per share.
The quarterly report comes a day after Best Buy named Hubert Joly, former chief of the Carlson travel company, as its new CEO. Largest shareholder Richard Schulze is also trying to take the company he founded private.
As of Monday, Best Buy stock is down roughly 25 percent over the past 12 months, according to NASDAQ.