Best Buy cuts annual profit, sales forecasts on tepid holiday demand
Nov 26 (Reuters) -Best Buy BBY.N cut its annual profit and sales forecast on Tuesday, in a sign that the holiday shopping season would be marked by aggressive discounts and tepid demand for pricey electronics such as televisions and home theater systems.
The U.S. electronics retailer now expects annual comparable sales to decline between 2.5% and 3.5%, compared with its earlier forecast of a decline between 1.5% and 3%.
Best Buy expects annual adjusted profit per share of $6.10 to $6.25, compared with earlier target of $6.10 to $6.35.
Reporting by Juveria Tabassum; Editing by Sriraj Kalluvila
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