Retail
For the year, Best Buy now sees earnings of $2.95 to $3.15 a share, down from its prior forecast of $3.10 to $3.25. Wall Street targeted full-year earnings of $3.15 a share.
"Early evidence suggests that consumer spending will be more difficult to predict this year -- but it appears to be accelerating in lower-margin categories," said Chief Financial Officer Darren Jackson, adding that the company expects earnings growth in the back half of the year. The report sent shares of rival chains sliding as well. Circuit City(CC) was dropping 52 cents, or 323%, to $16.01; RadioShack (RSH) was losing $1.08, or 3.1%, to $33.79. Circuit City, the No. 2 U.S. electronics chain after Best Buy, is due to report its first-quarter results Wednesday. The company, in the midst of a restructuring, already warned that it expects to report a loss for the period because of a tough competitive environment in flat-panel TVs.TheStreet Premium Services
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