Best Buy: "Seismic changes in consumer behavior"

Best Buy reported today that falling consumer spending, driven by the recent turmoil in the financial markets and other macro economic factors, has resulted in lower-than-expected revenue for the consumer electronics retailer. The uncertainty regarding future consumer spending has limited the company's ability to project revenue for the critical holiday shopping season and the balance of the fiscal year. Given both the change in economic environment and the significance of the holiday shopping season to the company's annual earnings, Best Buy is lowering its guidance for the fiscal year and widening its range for potential revenue and earnings.

Best Buy has altered its guidance for the remainder of its fiscal 2009. With a 7.6% decline in same store sales in fiscal October, the company projects declines of anywhere from 5-15% through February 2009.