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Wednesday, November 12, 2008

Best Buy lowers guidance... again

October comps were terrible, down 7.6%. They're saying they can't predict consumer behavior and can't adjust fast enough to get costs aligned with the lower sales volumes. They throw out a down 5-15% number for the November 2008 - February 2009 period. It is unclear how much impact they foresee from Circuit City's bankruptcy. It is likely Circuit City will be gumming up holiday pricing with their fire sale.

Obviously this isn't good for gadget makers as Best Buy is the largest consumer electronics retailer in the United States.

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