by Calculated Risk on 11/12/2008 09:25:00 AM

"Since mid-September, rapid, seismic changes in consumer behavior 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."
Brad Anderson, vice chairman and chief executive officer of Best Buy, Nov 12, 2008.

From WSJ: Sales Slump Pounds Best Buy

Best Buy Co. lowered its earnings outlook as the U.S. economic downturn has been quickly eroding sales at the consumer-electronics giant.
...
Best Buy said sales at stores open at least a year slumped 7.6% last month following a 1.3% decline in September. As such, Best Buy now expects the measurement for the year ending Feb. 28 to fall 1% to 8%, with results for the last four months of the fiscal year -- which encompass the all-important holiday-shopping season -- potentially tumbling by between 5% to 15%. Best Buy had been expecting 2% to 3% growth in same-store sales for the year.

Ouch.