20 novembre 2012 / 13:12 / 5 anni fa

Best Buy profit misses estimates; same-store sales fall

(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.

<p>Best Buy logo is seen at a Best Buy store in Toronto in this April 19, 2011 file photo. REUTERS/Mark Blinch/Files</p>

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

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