Weak TV, Laptop Sales Hurt Best Buy 3Q Profit

Best Buy Co.'s third-quarter net income fell more than expected as it lost sales of TVs and laptops to competitors. It also cut its full-year outlook Tuesday. Shares of the largest U.S. electronics chain fell nearly 13 percent in premarket trading as the results raised fears over the holiday season. The company, which benefited when Circuit City went out of business last year, is facing stepped-up competition from online and discount stores. Best Buy, based in Minneapolis, said its market share in TVs, mobile computing and video game software fell. Americans are also buying fewer TVs and other electronics. Best Buy said there were larger than expected industry declines in key U.S. consumer electronics categories for the three months ended Oct. 31.

Comments (0)

This post does not have any comments. Be the first to leave a comment below.

Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

BDA-1 External DAC from Bryston - The Absolute Sound Golden Ear award winner

BDA-1 External DAC from Bryston - The Absolute Sound Golden Ear award winner

The Bryston BDA-1 is a state-of-the-art external Stereo DAC (digital to analog converter) using fully discrete Class-A proprietary Bryston analog circuits, two independent linear power supplies and dual Crystal CS-4398 DAC chips. The BDA-1 features an impressive array of inputs for USB, COAX, OPTICAL, AES-EBU and BNC equipped digital devices. For audio outputs, the BDA-1 offers both balanced XLR as well as unbalanced RCA stereo connectors on the rear panel.