The electronics chain Best Buy – whose stock is falling nearly 7 percent in futures trading on Wall Street – expects sales to decline 2.5–3.5 percent for the entire fiscal year. The previous forecast was a decline of 1.5–3.0 percent.
The forecast for adjusted earnings is also being lowered to $6.10–6.25 per share, compared to a previous forecast of $6.35 per share.
The department store chain Kohl's is taking an even bigger hit, plummeting 17 percent after lowering its sales forecast to a decline of 7–8 percent, compared to minus 4–6 percent in the previous forecast.
Best Buy CEO Corie Barry attributes this to macroeconomic uncertainty, customers waiting in hopes of price reductions, and decreased focus on consumption in the shadow of the election and the impending power shift in the USA.
Earlier in November, the department store chain Target also lowered its forecast, while industry leader Walmart raised its forecast.
