Best Buy's same-store sales fall again

Tue Nov 20, 2012 8:10am EST

Nov 20 (Reuters) - Best Buy Co Inc reported a decline in same-store sales on Tuesday - its ninth in the last 10 quarters - highlighting one of the challenges for its new chief executive as he tries to turn around the world's largest consumer electronics chain.

Sales at stores open at least 14 months fell 4.3 percent in the third quarter ended Nov.3, including a 4 percent decline at its U.S. unit.

The news came just days before the unofficial start of the holiday season, and amid a wide organizational restructuring under new Chief Executive Officer Hubert Joly, and a looming buyout proposal by founder Richard Schulze.

Last month, the retailer had warned that earnings and same-store sales would fall for its third quarter.

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