Shares of Best Buy (BBY) took another beating on Tuesday. Shares fell 13.0% after the company released disappointing third quarter results before the opening. In the past trading week alone, shares lost almost a quarter of their value on poor operational performance and chance that founder Schulze may withdraw its offer for the firm.
Third Quarter Results
Best Buy reported third quarter revenues for its fiscal 2013 of $10.75 billion, down 3.5% on the year before. Lower revenues were driven by a 4.3% decline in comparable store sales. Revenues came in short of analysts expectations of $10.8 billion.
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