Best Buy 2nd quarter net income drops

MINNEAPOLIS — Best Buy Co. says its fiscal second-quarter net income fell 30 percent as consumers hit the pause button on buying electronics while fears about the global economy persist.

The results fell short of Wall Street expectations.

The electronic retailer says net income fell to $177 million, or 47 cents per share, for the three months ended Aug. 27. That compares to $254 million or 60 cents per share last year. Analysts expected earnings of 52 cents per share.

Revenue edged up nearly 1 percent to $11.35 billion. But analysts expected $11.47 billion.

Revenue in stores open at least one year fell 2.8 percent during the quarter. But the company says sales of tablet computers, appliances and e-book readers outperformed other categories. TV and video game sales were weaker.