Best Buy Profit Drops 4.4 Percent
Best Buy posted a third quarter profit of $217 million, a drop of 4.4 percent from the $227 million figure at the same time last year.
Domestic same-store sales dropped 5 percent, as sales of TVs and entertainment hardware and software declined.
"While sales were lower than we expected during the quarter, I'm pleased with our strong store execution, solid gross margin expansion and efforts to control costs," CEO Brian Dunn said as part of the announcement. "I'm confident that our employees will continue to deliver great experiences that help our customers select the best gifts for their friends and family this holiday season."