Best Buy shares tumble on weak profit outlook

Best Buy on Tuesday reported a drop in online sales growth for the second quarter and offered a profit forecast for the third quarter that fell short of analyst estimates, sending its shares down more than 7 percent in early trading.

The US consumer electronics 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.

Best Buy’s third-quarter profit forecast also disappointed some investors. The retailer said it expects third-quarter adjusted earnings per share of 79 cents to 84 cents, lower than analyst estimates of 92 cents per share.

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