Best Buy Lowers 2008 Outlook
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Citing weak January sales and a difficult retail environment, the retailer said it also expects fourth-quarter revenue to fall short of expectations.
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U.S. chain stores, reeling from the  slowest holiday shopping season in five years, got some more  bad news on Sunday: 2008 will not be any better and could see  changes that may shift the retail playing field forever.
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U.S. retail sales in 2008 are forecast to rise at their slowest pace in six years as consumers battle higher energy costs, fallout from the housing slump and sluggish employment and income growth, the National Retail Federation forecast on Monday.
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Wal-Mart Stores Inc. WMT.N lowered  its August sales forecast on Monday because of disappointing  back-to-school demand, casting doubt on the strength of U.S.  consumer spending in a key shopping season.
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The leading realty trade group on Wednesday cut its 2007 forecast for U.S. home sales and prices, saying both would slide this year with sales hitting a five-year low.
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Sputtering U.S. economy forces shipper to cut forecast.
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Best Buy Co. Inc.  reported lower-than-expected quarterly profit on Tuesday as the consumer electronics retailer cut prices on flat-panel televisions to try to spur holiday sales.
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The Consumer Electronics Show kicks off in Las Vegas next week, but economic headwinds, such as a global credit crunch and  higher oil prices,  may tone down the glitz of a conference that defines what gadgets are in store for 2008.
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Wal-Mart Stores Inc., the world&#39;s largest retailer, lowered its sales forecast for August, citing slow back-to-school sales and the effects of Hurricane Charley.
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Electronics retailer Best Buy Co. on Tuesday said first-quarter earnings fell 18 percent, hurt by weak profits in China and increased sales of lower-margin products such as notebook computers.
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Top U.S. consumer electronics retailer  Best Buy Co. Inc.  said on Tuesday its quarterly profit  fell, dragged down by sales of lower margin products.
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Best Buy Co. Inc.  reported lower-than-expected quarterly profit on Tuesday as the consumer electronics retailer slashed prices on flat-panel TVs to boost sales at the start of the holiday shopping season.
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Top U.S. consumer electronics retailer Best Buy Co. Inc.  said on Tuesday its quarterly profit fell, dragged down by sales of lower margin products.
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Stocks were little changed on Tuesday as a dip in benchmark Treasury bond yields tempered interest-rate worries, but earnings from Best Buy raised concerns about the health of consumer spending.
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Best Buy Co Inc  Chief  Executive Brad Anderson said on Tuesday that he saw signs of a  tougher retail climate and the company would feel the strain if  its customers did.
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Best Buy Co Inc  cut its fiscal 2008 profit outlook on Friday and said it expects its 2007 fourth-quarter sales to miss its own target on lower-than-expected January sales growth, sending its shares down 4.5 percent.
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Top U.S. electronics chain Best Buy  Co. Inc. BBY.N on Wednesday posted an 8 percent rise in  second-quarter net earnings on strong sales of higher-priced  digital products and curbs on expenses.