UPDATE 5-Best Buy results, same-store sales weak; shares tumble

Tue Nov 20, 2012 11:32am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Adj profit 3 cents/share vs Street view 12 cents

* U.S. same-store sales fall 4 percent

* Sees less steep decline in operating profit in 4th quarter

* Shares tumble 14 percent

By Dhanya Skariachan and Olivia Oran

Nov 20 (Reuters) - Best Buy Co Inc shares fell to their lowest level in a decade on Tuesday as the electronics retailer reported a weaker-than-expected quarterly profit and same-store sales fell for the ninth time in 10 quarters.

The shares tumbled 14 percent to $11.79 in morning trading, highlighting the challenges the company's new chief executive faces in trying to turn around the world's largest consumer electronics chain.

The news came just days before the unofficial start of the holiday shopping season and amid a wide restructuring under CEO Hubert Joly and a looming buyout proposal from founder Richard Schulze.

"The results we are reporting today only strengthen our sense of urgency and purpose," said Joly, who took the helm of Best Buy in September.   Continued...