The figures are dismal with a 24 cent loss per share compared to 46 cents profit during the same period last year. Compared to this year’s $81 million loss, last year the retailers garnered $158 million as net income.
Chief Executive Officer Hubert Joly made the decision to lower prices in a bid to win back sales from online giants like Amazon.com Inc.
According to analysts, discounting the prices won’t increase the revenues and rates the share to be underperforming meaning it’s time to sell.
At 12:12 EST, price of shares of Best Buy went down by 5.07% and was traded at $25.45. This year the price of shares of Best Buy doubled and with poor 1st quarter figures, the stocks are considered to be overvalued.
The company’s future growth is still an apple of cord and with continuous change in top management, there’s still lack of stability inside the company.