Compared to the $173 million in profits last year at this time, Best Buy is in bad shape.
Best Buy has been struggling for some time thanks to online competitors which are able to give customers products cheaper, without tax, and, often in the case of preorders, in the same amount of time.
The folks at Best Buy say that this major loss a sort of a kick in the pants. CEO Hubert Joly says that the company’s performance this quarter was “clearly unsatisfactory.” “The results we are reporting today only strengthen our sense of urgency and purpose,” he adds.
The holiday season is historically a good one for Best Buy, and there’s certainly an expectation of success out of Christmas sales. That, combined with a new initiative to reinvigorate the company, should help to get Best Buy back up and running.