Best Buy (NYSE:BBY) announced that profit fell to $158 million, or 46 cents per share, versus $212 million, or 53 cents per share, in the same period last year. Revenue increased to $11.61 billion from $11.37 billion in the same period last year. Analysts had expected the company to earn 59 cents per share on revenue of $11.5 billion.
The electronics retailer has been struggling to compete with online retailers, such as Amazon.com (NASDAQ:AMZN). Best Buy has been trying to attract customers by heavily discounting certain items, most recently selling the Apple (NASDAQ:AAPL) iPhone 4 for $50.
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