Briefs

Electronics retailer Best Buy reported a 30 percent drop in its second-quarter profits. CEO Brian Dunn attributed the decline to U.S. consumers cutting back, leading to the fifth straight quarterly decline in same-store sales at Best Buy locations open at least 14 months. The retailer also lowered its full-year earnings forecast. While Best Buy derives the lion’s share of sales from its nearly 1,100 stores, it has been working to bolster its online presence to better compete against Amazon.com and other e-tailers. Dunn is also counting on the holiday season to boost sales of some mobile electronics, such as tablets, where it has been gaining market share.

French bank Société Générale unveiled plans to sell $5.4 billion in assets to shore up its capital base. The bank’s share price fell more than 50 percent this summer, reflecting investor concerns that Europe’s sovereign debt crisis could undermine the financial stability of the Continent’s banks. Société Générale will unload parts of its corporate- and investment-banking businesses, including a U.S. unit that finances commercial real estate. Rating firm Moody’s downgraded the French lender a day after the announcement.