Best Buy shares tumble on theft, supply constraints

By ANNE D’INNOCENZIO
The Associated Press

NEW YORK (AP) — Best Buy Co.’s shares tumbled after the nation’s largest consumer electronics chain posted a decline in gross profit margin for the fiscal third quarter, citing organized theft and increased promotions compared to a year ago. The company also offered a muted sales forecast for the holiday fourth quarter amid supply constraints. Shares were down more than 16%, or $22.17 per share to reach $115. 63 in early morning trading. The stock decline came even as Best Buy reported overall third quarter results that beat Wall Street estimates.