Weak TV, mobile device sales hurt Best Buy 3Q | The Mesh Report

Weak TV, mobile device sales hurt Best Buy 3Q

the Mesh Report Staff December 14, 2010 0

MINNEAPOLIS – Best Buy Co. says its third-quarter net income fell more than expected as it lost sales of TVs and mobile devices to competitors. It also cut its full-year outlook.

Shares of the largest U.S. electronics chain fell more than 9 percent in premarket trading.

The company, which benefited when Circuit City went out of business last year, is facing stepped-up competition from online and discount stores.

Net income fell 4 percent to $217 million, or 54 cents per share. Analysts expected 61 cents per share.

Revenue fell 1 percent to $11.89 billion. Analysts expected revenue of $12.45 billion.

Revenue in stores open at least fourteen months fell 3.3 percent.

Best Buy said its market share in TVs, mobile computing and video game software fell.

A service of YellowBrix, Inc.

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