NEW YORK –Struggling Best Buy Co. reported another dismal quarter on Tuesday, recording a third quarter loss and continued sales slump just as the crucial holiday season revs up.

Adjusted for restructuring charges, it earned 3 cents per share, well below analysts' expectations. The news sent shares down more than 12 percent in midday trading to their lowest level in more than two decades.

"Best Buy's third-quarter financial performance was clearly unsatisfactory," said CEO Hubert Joly, the turnaround expert tapped to lead Best Buy in August.