Best Buy Says Quarterly Profit Will Fall ‘Significantly’
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Best Buy Co., the retailer resisting a takeover attempt by its founder, said fiscal third-quarter profit will be “significantly” below last year’s results as sales at established stores continue to decline.
Comparable-store sales will drop at a rate consistent with the first two quarters, Richfield, Minnesota-based Best Buy said yesterday in a statement. Same-store sales fell 5.3 percent in the first quarter and 3.2 percent in the second.