UPDATE 1-Best Buy shares fall on tepid margin view

* Q3 EPS 53 cents vs. Street view 43 cents

* Sales up 5 pct at $12.02 billion

* Shares fall 3.6 percent on weak margin outlook

NEW YORK, Dec 15 (Reuters) - Top U.S. electronics chain Best Buy Co reported a higher-than-expected quarterly profit, but its shares fell after it said gross margins in the current holiday quarter would be lower than it had expected.

Shares of the company fell 3.6 percent in premarket trading.

The retailer's margins have come under scrutiny as investors are concerned its efforts to woo shoppers through aggressive promotions and discounts could weigh on its margins.

Net profit rose to $227 million, or 53 cents a share in its its third quarter that ended on Nov. 28, from $52 million, or 13 cents a share, a year earlier.

Revenue rose 5 percent to $12.02 billion.

Analysts on average were expecting a profit of 43 cents a share, according to Thomson Reuters I/B/E/S.

Best Buy said it expected improved revenue for the fourth quarter, but that it would be driven by lower-margin products like notebook computers and lower-priced flat screen televisions.

The retailer offered "Black Friday" promotions on certain models of flat panel televisions and other home theater products a week before the big shopping day this year to lure consumers. (Reporting by Dhanya Skariachan, editing by Dave Zimmerman)