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Tuesday, 19 November 2013 09:55

Best Buy reports 3rd quarter profit

MINNEAPOLIS (AP) - Electronics retailer Best Buy Co. says it returned to a profit in the third quarter as the busy holiday season revs up. However, the company says it expects a tough competitive environment during the holiday season and shares fell 8 percent in premarket trading. Best Buy has been cutting costs, adding employee training and matching online prices to get customers into stores as it faces competition from discounters and online retailers. The Minneapolis-based company says third-quarter net income totaled $54 million, or 16 cents per share. That compares with a loss of $10 million, or 3 cents per share, in the prior-year quarter. Analysts expected 13 cents per share. Revenue was nearly flat at $9.36 billion. Analysts expected revenue of $9.37 billion.