CHICAGO Best Buy Co. said Tuesday that its second-quarter profit slid 19 percent as it spent money to boost cell-phone sales by completing the rollout of its Best Buy Mobile concept to nearly 1,000 North American stores.
Revenue rose, however, as consumers bought more flat-panel TVs, laptops and cell phones, ahead of forecasts.
The nation's largest consumer electronics retailer earned $202 million, or 48 cents per share, for the three months ending Aug. 30. That's down from $250 million, or 55 cents per share, during the same period last year. Revenue rose 12 percent to $9.8 billion.
The profit came in below Wall Street forecasts, sending the stock down, despite results that beat projections for revenue and same-store sales.