Black Friday couldn't save Best Buy from a rough fiscal third quarter. The company just reported $154 million in profits for the three months ending on November 26th, a 29 percent decline over last year that it blames on a combination of price-conscious shoppers and competition from companies like Amazon and Walmart. Still, despite the profit decline, Best Buy's revenue nearly matched targets, increasing 1.8 percent to $12.1 billion (the Wall Street Journal reports that analysts were hoping for $12.14 billion in revenue). Another bright spot was the performance of Best Buy's mobile division, with domestic computing and mobile phone revenue increasing nine percent.
Not surprisingly, the market hasn't reacted well to this news, with stock prices down over 11 percent as of this writing. It's been a tough few months for Best Buy, when you also consider the closing of its UK stores — we'll see if the company can have a strong December to start turning this slide around.