Best Buy’s low sales disappoint

Top US electronics firm Best Buy reported lower-than-expected sales and profit yesterday, hurt by rising costs to expand its business and signs of weaker consumer demand.

Net profit was $15m, or 36 cents a share, for the three months ended 29 May, compared with $153m, or 36 cents a share, a year earlier. Analysts on average were expecting a profit of 50 cents a share.