Best Buy Trims Profit Targets

Electronics seller Best Buy (BBY Quote) cut its fiscal 2008 profit forecast Friday, citing lower-than-expected revenue growth in January.

Best Buy said earnings for the fiscal year ending March 1 will probably be $3.05 to $3.10 a share, whereas previously, it expected $3.10 to $3.20. In fiscal 2007, Best Buy earned $2.79.

"Our December revenue results were in line with our expectations. Soft domestic customer traffic in January, coupled with our near-term outlook, now indicate that our fourth-quarter revenue will fall short of our planned targets," said Brad Anderson, vice chairman and chief executive of Best Buy, in a prepared statement. ...