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Best Buy reports drop in profit

  • Struggling U.S. electronics chain Best Buy has reported a drastic fall in profits.

    Net profits plummeted to $12 million on the back of revenues of $10.6 billion in the second quarter. Profits were $150 million compared to the same period last year.

    The drop was worsened by a $91 million one-off charge following the closure of some stores.

    Due to the uncertainty over its future sales, Best Buy said it could not provide a forecast on its full-year profits.