Best Buy Co's quarterly profit and sales missed Wall Street estimates, hurt by a sharp decline in prices for television sets, sending its shares down over 6 percent.
The top U.S. electronics chain said on Tuesday it saw a low-single digit comparable store sales decline in televisions. Sales in its video gaming, music and movie categories were also weak.
In its latest first quarter, Best Buy's net profit was $155 million, or 36 cents a share, compared with $153 million, or 36 cents a share, a year earlier.
Analysts on average were expecting a profit of 50 cents a share, according to Thomson Reuters I/B/E/S.
Net revenue rose about 6.9 percent to $10.79 billion, missing analysts' expectations of $10.93 billion. Sales at stores operating for at least 14 months rose 2.8 percent.
The company reiterated its forecast for fiscal 2011 earnings of $3.45 to $3.60 a share on revenue of $52 billion to $53 billion.
Best Buy shares were down 6.3 percent at $38.48 in heavy premarket trading.
(Reporting by Dhanya Skariachan, editing by Gerald E. McCormick, Dave Zimmerman)