NEW YORK (
was not a buy in the second-quarter, missing analysts' expectations.
The news sent shares of the electronic retailer tumbling 3.5% before the bell to $39.
But Best Buy's bad news hardly comes as a shock.
, as it continues to see shoppers shy away from big-ticket purchases and faces increasing competition from discounters like
During the quarter, Best Buy's profit dropped 22% to $158 million, or 37 cents a share, down from $202 million, or 48 cents, in the year-ago period. Analysts expected the company to earn 41 cents.
Revenue grew 12.5% to $11.02 billion from $9.8 billion from European gains and the addition of 170 stores over the past 12 months.
Same-store sales slipped 3.9%, weighed down by gaming, digital camera, music and movies. The only areas Best Buy saw some gains were in notebook computers, mobile phones and flat-panel TVs.
Despite missing Wall Street's expectations, results came in slightly better than management had forecast. As a result, the company raised the bottom end of its full-year forecast to $2.70 to $3.
-- Reported by Jeanine Poggi in New York
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