Best Buy Co., Inc. (NYSE: BBY) today announced a GAAP net loss from continuing operations of $13 million, or $0.04 per share, for the three months ended November 3, 2012 compared to net earnings from continuing operations of $173 million, or $0.47 per diluted share for the prior-year period. Excluding previously announced restructuring charges, adjusted (non-GAAP) net earnings from continuing operations for the third quarter of fiscal 2013 were $10 million, or $0.03 per diluted share compared to $173 million and $0.47 for the prior-year period. Comparable store sales were down during the quarter and adjusted (non-GAAP) operating income declined significantly.
|Three Months Ended|
|Nov. 3, 2012||Oct. 29, 2011||Change|
|Comparable store sales % change 1||(4.3%)||(0.7%)||(360bps)|
|Adjusted (non-GAAP) operating income 2||$48||$381||(87%)|
|GAAP Operating income||$12||$381||(97%)|
|Adjusted (non-GAAP) diluted EPS from continuing operations 2||$0.03||$0.47||(94%)|
|GAAP EPS from continuing operations||($0.04)||$0.47||--|
|Adjusted return on invested capital 3||10.1%||10.7%||(60bps)|
“In line with trends experienced over the last three years, Best Buy’s third quarter financial performance was clearly unsatisfactory. On November 13, we shared our candid assessment of Best Buy’s situation and unveiled Renew Blue, a set of priorities to begin re-invigorating the company’s performance and rejuvenating Best Buy. The results we are reporting today only strengthen our sense of urgency and purpose," said Hubert Joly, Best Buy president and CEO.