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.
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