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Best Buy paints glum picture for '09
Just two days after regional consumer electronics chain Circuit City declared bankruptcy, Best Buy has slashed its earnings forecast for the upcoming holiday season and much of 2009.
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.
