Best Buy sales and forecast disappoint, shares fall

Best Buy Co Inc posted lower first-quarter earnings and weaker-than-expected sales on Tuesday and also implied earnings for the rest of the year would be worse than forecast, dragging its shares down 3 percent.

The top U.S. specialty consumer electronics retailer said it gained market share after main rival Circuit City closed its doors. Still, fewer customers visited its U.S. stores in the quarter as consumers continue to cut back on discretionary purchases.

Best Buy saw demand rise when Circuit City shut down but has also faced increased pressure from Wal-Mart Stores Inc and others adding laptop computers, flat-screen televisions and other products to their stores.

Read Full Article from Reuters

- Posted: 2009-06-16 10:10:35

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