Best Buy Q3 profit down 29%

Minneapolis -- Best Buy says its third-quarter net income fell 29% $154 million, from $217 million in the year-ago period, worse than analysts had expected. The retailer’s profits were hurt by declining sales in some categories, plus a $150 million one-time charge associated with the planned closing of 11 big-box stores in the United Kingdom.

Total company revenue rose 1.7% to $12.1. Same store sales rose 0.3%.

Best Buy had 20% growth in online sales and 9% growth in mobile phone revenue in the United States, along with brisk sales in tablets, appliances, e-readers and movies. But it suffered declines in TVs, digital imaging and gaming.

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