Best Buy Restates Results
Published: September 6, 2002
EDEN PRAIRIE, Minn., Sept. 5— The Best Buy Company, the largest electronics retailer in the nation, restated its fiscal first-quarter results today to a loss from a profit because of a change in how it accounts for costs related to acquisitions.
Best Buy wrote off $348 million in the quarter ended June 1 because of a decline in value of its Musicland and Magnolia Hi-Fi businesses, the company said.
Best Buy, which is based here, had a loss of 85 cents a share. It had previously reported net income of $70 million, or 22 cents.