Best Buy 2Q online sales slow, shares drop
S&P Global Market Intelligence Portfolio Manager Erin Gibbs on the outlook for the retail sector.
Aug 28 (Reuters) - Best Buy Co Inc on Tuesday reported online sales that decelerated for a second quarter in a row, sending its shares down 7 percent in premarket trade.
The U.S. consumer electronic retailer said domestic online sales rose 10.1 percent in its second quarter. That compared with 12 percent in the first quarter and 31.2 percent in the same period a year ago.
The U.S. consumer electronics retailer said on Tuesday that same-store sales, or stores open at least a year, rose 6.2 percent in the quarter, ended Aug. 4, versus analysts' estimates of a 3.8 percent rise.
Net income rose to $244 million, or 86 cents per share, in the quarter, from $209 million, or 67 cents per share, a year earlier.
Excluding charges, Best Buy earned 91 cents per share. Analysts expected 83 cents, according to Thomson Reuters I/B/E/S.
Revenue rose to $9.38 billion, beating estimates of $9.28 billion.
(Reporting by Nandita Bose in New York; Editing by Jeffrey Benkoe)