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Best Buy delivered quarterly earnings that topped analysts' expectations on Thursday, but the company reported lower-than-expected quarterly comparable sales due to weak demand for mobile phones and tablets and lower revenue from services such as repairs and extended warranties.
Best Buy said its same-store sales rose 0.5 percent in the third quarter, excluding the impact of installment billing plans. Analysts on average had expected a rise of 0.8 percent, according to research firm Consensus Metrix.
Best Buy said sales of TVs, desktop and notebook computers and cameras were also weak industry-wide.
The net income attributable to the company's shareholders rose to $125 million, or 36 cents per share, in the quarter ended Oct. 31 from $107 million, or 30 cents per share, a year earlier.
Excluding items, Best Buy earned 41 cents per share from continuing operations.
Revenue fell 2.3 percent to $8.82 billion.
Wall Street expected the company to deliver quarterly earnings per share of 35 cents on $8.83 billion in revenue, according to consensus estimates from Thomson Reuters.
While shares of Best Buy began to close the gap between rival retailer Amazon in August, Best Buy stock was down nearly 19 percent year-to-date prior to reporting its third quarter earnings.
Shares of Best Buy fell more than 7 percent in premarket trading following the announcement. (Get the latest quote here.)
—Reuters contributed to this report.