Why Best Buy (BBY) Stock Is Down in Pre-Market Trading Today

NEW YORK (TheStreet) -- Best Buy  (BBY)  fell in pre-market trading Tuesday after the electronics retailer reported mixed second-quarter earnings and a decline domestic stores open at least a year.

The company reported adjusted earnings per share of 44 cents, which handily beat the Zacks Consensus Estimate of 31 cents. Revenue declined year-over-year to $8.9 billion from $9.27 billion and came up short of the consensus estimate of $8.97 billion.

Best Buy also posted a 2% sales decline in domestic stores open at least a year. This is an important measurement of a retailer's status because it does not factor in figures from stores that recently opened or closed.

The stock was down 4.41% to $30.58 in pre-market trading.

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BBY Chart BBY data by YCharts

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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