Best Buy Profit Drops 29 Percent

Best Buy Tuesday reported a third quarter profit of $154 million, a 29 percent drop from the same time last year, as same-store sales grew just one percent.

The numbers were below analyst expectations, CNN Money reported.

“We took actions to provide value to customers and drive our business in this competitive consumer environment,” CEO Brian Dunn said in a statement. “We are pleased to report positive traffic, comparable store sales growth and continued progress on our key strategic focus areas, highlighted by strong performance online.”

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