Best Buy Sales Down Due to "Rapid, Seismic Changes"
When it comes to the struggles of the retail market, it appears not even Best Buy is immune.
The CE retail giant Tuesday reported that its total comparable store sales declined by around 7.6 percent in the month of October, after they also fell in September. As a result, the company said, it will cut its guidance for the fiscal year.
"Since mid-September, rapid, seismic changes in consumer behavior have created the most difficult climate we've ever seen," CEO Brad Anderson said as part of the announcement. "Best Buy simply can't adjust fast enough to maintain our earnings momentum for this year."