Best Buy Q3 profit misses, cuts full-year forecast
Minneapolis -- Best Buy Co. reported an unexpected decline in fiscal third-quarter profit Tuesday, as lower demand for televisions and videogames led to a sales shortfall in the United States. The chain cut its full-year forecast.
Best Buy Co. said that its third-quarter net income fell 4% to $217 million, while revenue fell 1% to $11.89 billion. Same-store sales fell 3.3%. Results missed Wall Street projections.
Best Buy said it has cut its full-year outlook, as it faces stepped-up competition from online and discount stores.
“There remains a significant amount of business still ahead of us in the holiday selling season, and we don’t have complete visibility to how customers will behave over the next several weeks,” said Jim Muehlbauer, Best Buy’s finance chief.