Best Buy: “Toughest …Ever”

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Best Buy: “Toughest …Ever”

By Zacks Investment Research on November 12, 2008 | More Posts By Zacks Investment Research | Author's Website

Calling the current pre-holiday retail market “the toughest retail environment it has ever seen” according to an AP report, Best Buy Co. (BBY) announced today it is taking down fiscal year 2009 (ending February) expectations from $3.25-3.40 per share to $2.30-2.90.

The Zacks consensus had been $2.99, but that’s only part of the story. Analysts had been racing to downwardly revise estimates for the fiscal year — 11 in all, in just the past 30 days. This time last quarter, the Zacks consensus estimate was looking for $3.31 per share. And this guidance comes prior to November quarter results and after Best Buy’s moderate 16% miss in the August quarter (Q2).

As recently as late September, shares of Best Buy Company were trading over $40 per share. This morning, the stock is down 9% to around $21.75 per share. “Toughest environment ever,” indeed.

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