Summary Box: Best Buy 3Q profit falls

AP News
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Posted: Dec 13, 2011 12:33 PM
Summary Box: Best Buy 3Q profit falls

THE NEWS: Best Buy Co. said Tuesday its third-quarter net income fell 29 percent as the electronics retailer cut prices to drives sales and traffic during the all-important holiday season. Revenue rose 2 percent to $12.1 billion

THE CONTEXT: The Minneapolis company is facing tough competition from discounters and online retailers. It has been focusing on expanding its online offerings and services such as free shipping and letting customers pick up items ordered online in stores. Meanwhile, the chain has been reducing its square footage in the U.S.

WHAT'S NEXT: Best Buy reaffirmed annual profit guidance.