Best Buy is suffering and so is the market..

[BigMel]

Best Buy lowers outlook
In Best Buy's earnings announcement today, the electronics giant said fiscal 2009 earnings will be between $2.30 and $2.90 per share -- well below a previous forecast of between $3.25 and $3.40 per share, as well as below the consensus estimate for $3.02 per share.

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"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," CEO Brad Anderson said in a statement.

Best Buy shares slumped 6.7%, to $22.28 this afternoon.

The retailer said it expects same-store sales to decline by 1% in fiscal 2009, with revenue coming in between $43.7 billion and $45.4 billion. Analysts expect revenue of $46.2 billion.
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Like I have been saying for the last three months--BB needs to act diffeently than they have in the past..they have done very little to motivate people to get in there and shop...notwithstanding the need to achieve proper margins...they have refused to entice the average consumer to come and shop..no really good deals....over priced blu-rays, etc. In the last 4 months I have purchased about 70+ blu-rays- 90% from Amazon and Columbia House and I have split the rest between BB and CC. I used to buy 90% BB. It seems as times have gotten harder they rely too much on their Brand and not enough on the need to couple that strong brand with aggressive incentives...I am not saying give away the farm but they continue to act like it was 2007. Times are touch, people are really bargin shopping and they need to step up to the plate or they will continue to bleed to the Amazon's of the world..I just spent 1500 at Amazon in the last week on products I would normally buy at BB. Blu-Ray players, Blu-Rays, Adaptors, Asus Computer, etc..I love BB but they are killing themselves