Best Buy (BBY) is getting socked in the gut this morning after lowering its outlook and some chilling words from CEO Brad Anderson: “Since mid-September, rapid, seismic changes in consumer behaviour have created the most difficult climate we’ve ever seen. Best Buy simply can’t adjust fast enough to maintain our earnings momentum for this year.”
For October, comp-store sale fell 7.6% and four the four months remaining in their fiscal year, comp-store sales are expected to fall by 5%-15%. It’s going to be a really depressing Christmas.
Shares are off over 15% in pre-market.
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