Best Buy Co. reported a net loss of $13 million for the third quarter that ended Nov. 3. That's compared to a net income of $173 million for the same period last year, the Reuters reports. Comparable-store sales fell 4.3 percent, the ninth decline in the past 10 quarters.
“In line with trends experienced over the last three years, Best Buy’s third quarter financial performance was clearly unsatisfactory," Hubert Joly, Best Buy president and CEO, said in a statement. "The results we are reporting today only strengthen our sense of urgency and purpose."
Joly, a former hosptiality executive in the Twin Cities, joined the struggling Richfield-based consumer electronics chain in September. Last week, he outlined his five key priorities to rejuvenate Best Buy's performance.
In October, Best Buy warned that third-quarter earnings and same-store sales would be down.
Bloomberg notes Best Buy shares have tumbled 41 percent this year through Monday.
Best Buy founder Richard Schulze, 71, is working with private-equity firms on a bid to take the troubled retailer private. He plans to meet with Joly later this week. The Pioneer Press reports Schulze is asking Best Buy's board for a 30-day extension before making an initial proposal.
Click here, to follow Best Buy's stock performance.