Best Buy profit tanks 91%, stock tumbles to 9-year low

http://www.latimes.com/business/money/la-fi-mo-best-buy-earnings-20120821,0,3651703.story

The sour earnings report came the day after Best Buy announced Hubert Joly, head of Radisson and T.G.I. Friday’s parent Carlson Cos., as its new chief executive.

The Frenchman brings “expertise in turnaround and growth” at “a critical moment,” Best Buy said during the reveal. On Tuesday, the company said its net income in its second quarter, which ended Aug. 4, slid 91% to $12 million, or 4 cents a share, from $128 million, or 34 cents a share, during the same period last year.

Revenue dropped 3% to $10.5 billion. The company’s stock sank to nine-year lows, plummeting as far as $16.23 a share in morning trading after closing at $18.16 a share on Monday.