Best Buy head of U.S. business to leave, company sees profit down

RetailReuters

Best Buy Co Inc U.S. business president Mike Vitelli will leave the company at the end of the current fiscal year as the electronics retailer restructures that business, removing the top layer of the U.S. operation's management.

The No. 1 U.S. electronics chain also said on Wednesday that it expected earnings for the fiscal third quarter ending November 3 to fall significantly below those of a year earlier, excluding one-time items, due to falling margins and declines at sales at established stores.

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(Reporting by Brad Dorfman; Editing by Gary Hill)