Best Buy reports earnings a day after naming a new boss - 13 WTHR Indianapolis

Best Buy reports earnings a day after naming a new boss

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RICHFIELD, Minn. -

Consumer electronics retailer Best Buy is set to report quarterly earnings, a day after naming turnaround expert Hubert Joly as its new CEO and president.

The company hopes he'll help it avoid the fate of its rival Circuit City, which went bankrupt three years ago. Best Buy has struggled with weak sales since the recession began as its big-box stores have become outdated.

Best Buy stock was down more than ten percent yesterday and is down almost 25 percent in the past year.

(Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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