Best Buy 3rd-quarter net income declines
MINNEAPOLIS (AP) -- Electronics retailer Best Buy says its third-quarter net income fell 29 percent as brisk sales of tablets and smartphones were offset by charges stemming from closing some stores in the U.K.
Its adjusted earnings missed analysts' expectations, and its shares tumbled more than 9 percent in premarket trading.
Best Buy Co. is facing tough competition from discounters and online retailers.
The company says its net income fell to $154 million, or 42 cents per share. That compares with $217 million, or 54 cents per share, last year.
Excluding one-time items, net income totaled 47 cents per share. Analysts expected 52 cents per share.
The Minneapolis company says revenue rose 2 percent to $12.1 billion. Analysts expected $12.13 billion.
The company is also reaffirming its full-year guidance of adjusted net income of $3.35 to $3.65 per share. Analysts expect $3.44 per share.
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