Reuters: Global Markets: Best Buy profit misses estimates; same-store sales fall

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Best Buy profit misses estimates; same-store sales fall Nov 20th 2012, 13:36 Tweet Share this Email Print Related News Target profit beats expectations as store card draws shoppers Thu, Nov 15 2012 Best Buy CEO sets goals; Wall St begs for more details Wed, Nov 14 2012 Best Buy sets long-term targets, aims for stable sales Tue, Nov 13 2012 CORRECTED-UPDATE 5-Best Buy sets long-term targets, aims for stable sales Tue, Nov 13 2012 Exclusive: Schulze's Best Buy bid seen in December, below range Fri, Nov 9 2012 Related Topics Investing Simplified » Hot Stocks » Asian Markets » Best Buy logo is seen at a Best Buy store in Toronto in this April 19, 2011 file photo. Credit: Reuters/Mark Blinch/Files Tue Nov 20, 2012 8:36am EST (Reuters) - Best Buy Co Inc (BBY.N) reported a weaker-than-expected profit and its ninth same-store sales decline in 10 quarters, highlighting the challenges its new chief executive officer faces in trying to turn around the world's largest consumer electronics chain. The retailer, which faces cutthroat competition from the likes of Amazon.com Inc (AMZN.O), Wal-Mart Stores Inc (WMT.N) and Apple Inc (AAPL.O), said its net loss in the third quarter ended on November 3 was $13 million, or 4 cents a share, compared with year-earlier net earnings of $173 million, or 47 cents a share. Excluding restructuring charges, the company earned 3 cents a share, far below the analysts' average estimate of 12 cents, according to Thomson Reuters I/B/E/S. Sales at stores open at least 14 months fell 4.3 percent, including a 4 percent decline at the company's U.S. unit. The news came just days before the unofficial start of the holiday season and amid a wide organizational restructuring under new CEO Hubert Joly and a looming buyout proposal by founder Richard Schulze. Last month, the retailer had warned that earnings and same-store sales would show declines for its third quarter. (Reporting by Dhanya Skariachan; Editing by Gerald E. McCormick and Lisa Von Ahn) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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