Investors were pessimistic even though Best Buy reported earnings that beat expectations by 9 cents and raised its guidance for the fiscal year.
shares fell more than 5% after its second-quarter revenue and same-store sales growth missed analysts' expectations, driven by disappointing sales in Canada.
Sales at Best Buy stores open for at least 12 months grew 1.6%, lower than analyst expectations of a 2.1% increase. Best Buy raised its earnings forecast for the fiscal year to a range of $5.60 to $5.75 per share from a previous estimate of between $5.45 to $5.60 per share. Both numbers are after excluding one-time items.
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