So much for the concept that a weak or going-out-of-business Circuit City is positive for Best Buy. The company today lowered estimates for the current year and predicted pronounced top line weakness.
“In 42 years of retailing, we’ve never seen such difficult times for the consumer,” Brian Dunn, president and chief operating officer, said in the statement. “People are making dramatic changes in how much they spend, and we’re not immune from those forces.”
Best Buy has been and should continue to be an important indicator of the health of the high-end consumer. Man the life boats.