Best Buy has reported a 7 per cent decline in Q3 profit, citing higher selling and administrative expenses.
The firm posted net income of $138 million, or EPS of $0.28, compared to net income of $148 million, or EPS of $0.30, a year earlier.
Adjusted to reflect stock-based compensation, last year’s earnings would have totalled $125 million or EPS of $0.25. Sales increased 10 per cent to $7.3 billion.
In the US, same-store sales rose 3.7 per cent due to greater sales of higher-priced items including laptop computers and flat-panel TVs.
