Best Buy earnings strong despite iPad pinch

Best Buy reports strong second-quarter earnings but says "constrained inventory" of the Apple iPad hurt its market share over the last three months.

Best Buy

Best Buy on Tuesday reported strong fiscal second-quarter earnings but said that "constrained inventory" of the Apple iPad hurt its market share over the last three months.

The company reported second-quarter earnings of $254 million, or 60 cents a share, on revenue of $11.34 billion. Wall Street was expecting earnings of 44 cents a share on revenue of $11.54 billion.

Same store sales for the three months ended August 28 fell slightly and gross margins were 25.7 percent.

Read more of "Best Buy second quarter earnings strong, but Apple iPad inventory constraints hurt traffic" at ZDNet's Between the Lines.

About the author

    Larry Dignan is editor in chief of ZDNet and editorial director of CNET's TechRepublic. He has covered the technology and financial-services industries since 1995.

     

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