Best Buy: Weak January Sales (BBY)

At least one of our readers has accused us of trying to “will on” a recession, “like nytimes and krugman.” But we’re not the ones retailers are blaming for lousy sales. Last week Wal-Mart said it had a bad January, and this morning Best Buy says the same thing.

Citing a “macro-economic environment [that] grew more challenging after the holidays,” the electronics giant cut FY08 guidance; it said sales drooped in “home theatre, MP3 devices, digital imaging” lines. One bit of good news: Notebook PC sales were good. And one bit of silver lining: While game sales were disappointing, the company says that’s likely due to inventory problems, not demand problems

See Also: Recession Rorschach Test: Wal-Mart’s Lousy January.

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