Best Buy profit misses estimates; same-store sales fall

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November 21, 2012 12:42 AM EST

Best Buy Co Inc reported a weaker-than-expected profit and its ninth same-store sales decline in 10 quarters, highlighting the challenges its new chief executive officer 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 season and amid a wide organizational restructuring under new CEO Hubert Joly and a looming buyout proposal by founder Richard Schulze.

Last month, the retailer had warned that earnings and same-store sales would show declines for its third quarter.

(Reporting by Dhanya Skariachan; Editing by Gerald E. McCormick and Lisa Von Ahn)

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Copyright 2012 Thomson Reuters. All rights reserved.

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