New York • Best Buy, the world's largest electronics chain, posted second-quarter profit that topped analysts' estimates, helped by lower costs.
Revenue fell short in the period ended Aug. 2, hurt by weak demand for mobile phones. Same-store sales, a key measure of a retailer's performance because new and closed stores are excluded, will decline by a "low single digit" rate in the third and fourth quarter, Richfield, Minnesota-based Best Buy said Tuesday in a statement.
Chief Executive Hubert Joly has made good on his promise to reduce expenses since arriving in September 2012, helping the stock more than triple last year. Since then, the shares have slipped as investors doubted whether he can execute the second part of his turnaround plan by reviving sales growth.