Market Movers

Best Buy stock slides as sales fall

Best Buy is the world’s largest electronics chain.

Aram Boghosian for

Best Buy is the world’s largest electronics chain.


Best Buy Co.’s same-store sales fell 2.7 percent in the second quarter — worse than the 2.2 percent analysts forecast. Net income fell 45 percent to $146 million from a year earlier. And sales will decline by a ‘‘low single digit’’ percentage rate in the third and fourth quarters, the company said. CEO Hubert Joly has made good on a vow to cut expenses since arriving in September 2012, helping the stock triple last year. Since then, the shares have slipped as investors doubt whether Joly can revive sales growth.

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