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.
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