Best Buy (BBY) announced that profit fell to $158 million, or 46 cents per share, versus $212 million, or 53 cents per share, in the same period last year.
Television makers Sony and Samsung are trying to put the brakes on ever-sliding prices for TVs, a move that could help retailers make more of a profit.
From Wednesday, May 23, 2012 - 7:21am ET | Reuters.co.uk - Regulatory News | Tags: big lots, retailer, retailers
May 23 (Reuters) - Close-out retailer Big Lots Inc posted a lower-than-expected adjusted profit for the first quarter and forecast earnings that fell well below Wall Street estimates for the current quarter, hurt by declining margins.
From Wednesday, May 23, 2012 - 7:17am ET | Chicago Tribune | Tags: best buy, retailers
The Wall Street Journal reports: Sony and Samsung Electronics are trying to force retailers to rein in discounts on televisions, a tactic aimed at preserving profit margins that may also help protect chains such as Best Buy and Target from cutthroat online competition.