Stock Analysis:Best Buy shares drop on profit, sales shortfall

source:marketwatch.com
NEW YORK (MarketWatch) -- Shares of Best Buy Co. fell sharply Tuesday after the largest U.S. electronics retailer reported worse-than-expected fiscal first-quarter profit and sales, after it increased expenses and lower sales of flat panel televisions, video games and services capped gains in the U.S.

Best Buy shares fell 6.7% to $38.30 in pre-market trading.

Best Buy's net income rose slightly to $155 million from $153 million a year earlier.

Per-share profit was unchanged at 36 cents. Sales in the quarter ended May 29 climbed 7% to $10.8 billion from $10.1 billion.

Comparable sales, or those at stores, call centers and Web sites open at least 14 months, increased 2.8%.