09/17/2009 (6:27 pm)
Best Buy sales rise 12%
Top U.S. consumer electronics chain Best Buy Co. reported a lower-than-expected quarterly profit Tuesday as weakness in the entertainment software and appliance categories offset market share gains.
The retailer, which has steadily gained market share after main rival Circuit City closed its doors, said net profit fell to $158 million, or 37 cents a share, in the second quarter that ended on Aug. 29, from $202 million, or 48 cents a share, a year earlier.
Excluding a tax impact, the profit was 40 cents a share, a penny below analysts’ average forecast of 41 cents a share free credit report without a credit card.
Best Buy (BBY, Fortune 500), whose total revenue rose 12% to $11 billion in the quarter, raised its outlook for the fiscal year.
The retailer’s stock was down 3.8% at $38.86 a share in trading before the opening bell.
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