Ann Zimmerman and Joan E. Solsman, Reporters, The Wall Street Journal

Best Buy Net Slumps on Sales-Mix Woes

August 21, 2012 at 10:57 am PT

Profit at struggling electronics retailer Best Buy Co. tumbled in its latest quarter as consumers shifted to lower-margin products such as phones and tablets, sending its already hard-hit stock lower.

Already battered by news Monday of an uncertain buyout effort and the naming of a new chief executive, the electronics retailer’s stock opened down about 10 percent on Tuesday after it reported weak results overall, though the shares recovered somewhat by midday.

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Tagged with: Ann Zimmerman, Best Buy, buyout, earnings, electronics retailer, Joan E. Solsman, retail, The Wall Street Journal

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Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Web Sites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other Web sites, and for clarity’s sake, all outside posts run against a pink background.

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