The retail giant forecast fiscal 2009 earnings of about US$2.30 to $2.90 per share, down from a prior forecast of $3.25 to $3.40 per share. Best Buy now expects annual revenue of $43.7 billion to $45.5 billion, down from its earlier forecast of about $47 billion.
Best Buy, the No. 1 consumer electronics retailer in the US, said same-store sales fell about 7.6% in October after falling 1.3% in September. The company said same-store sales in November 2008 through February 2009 could decline by 5% to 15%, leading to an annual same-store sales decline of 1% to 8%.
Best Buy's stock was down nearly 7% in mid-day trading at $22.23 per share on the grim news.
