Wednesday, March 14, 2012

Best Buy cuts fiscal 2009 profit outlook

Best Buy Co. Inc. rattled investors Wednesday, warning that an already grim holiday shopping season that's expected to be the worst in decades might be getting worse.

Days after its rival Circuit City filed for bankruptcy protection, the nation's largest consumer electronics chain dramatically cut its fiscal 2009 earnings outlook and said it was being hammered by the worst retail environment the 42-year-old company has yet to endure.

"Rapid, seismic changes in consumer behavior have created the most difficult climate we've ever seen," Chief Executive Brad Anderson said in a statement. "Best Buy simply can't adjust fast enough to maintain our …

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