Best Buy profit misses estimates; same-store sales fall
November 21, 2012 12:42 AM EST
Best Buy Co Inc
The retailer, which faces cutthroat competition from the likes of Amazon.com Inc , Wal-Mart Stores Inc
Excluding restructuring charges, the company earned 3 cents a share, far below the analysts' average estimate of 12 cents, according to Thomson Reuters I/B/E/S.
Sales at stores open at least 14 months fell 4.3 percent, including a 4 percent decline at the company's U.S. unit.
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)