Best Buy also said it continues to expect 2013 comp store sales, gross margin, earnings and inventory levels to be in line with previous expectations.

FORBES: Best Buy Holiday Period Sales Down 0.4%; Shares Spike

Without the inventory reductions, we believe gross margin for the second quarter would have been in the mid-single digits, which would have resulted in income close to break-even.

FORBES: Multi-Fineline FY Q1 Misses; Q2 Guidance Light; Blame Apple?

Excluding a non-cash inventory provision, the company says gross margin was about 12%.

FORBES: Yingli Green Says Q4 Missed Estimates; Shares Tumble

However, our gross margin and bottom line have been impacted by worse than anticipated market conditions and inventory provisions.

FORBES: JA Solar Slides On Weak Q2, Reduced 2011 Guidance

On its post-earnings conference call, OmniVision said the weaker gross margin in the April quarter reflects the impact of a decrease in sales of previously written down inventory and an increase in inventory valuation allowances.

FORBES: OmniVision Shares Crushed After Fiscal Q4 Earnings Report