NEW YORK — Weak demand for pricey flat-screen TVs and notebook computers helped push Best Buy Co.'s fourth-quarter net income down 16 percent.
The decline adds urgency to the electronics retailer's bid to remake its business by opening smaller stores and focusing on more profitable, fast-growing categories such as tablet computers and smartphones.
Fourth-quarter net income fell to $651 million, or $1.62 per share, from $779 million, or $1.82 per share.
Best Buy has been restructuring its international operations, particularly in China, and cutting costs in its U.S. supply chain. Excluding costs for those moves, net income totaled $1.98 per share. That beat the $1.84 analysts expected, according to FactSet.
Revenue edged down 2 percent to $16.26 billion. U.S. revenue fell 4 percent to $12.1 billion, while international revenue rose 4 percent to $4.1 billion.