Best Buy down on annual sales, profit forecasts cut
Updates
** Shares of electronics retailer Best Buy BBY.N fall as much as 9.9% to $83.81; stock set for its worst day since May 2022 if losses hold
** BBY cuts annual sales, profit forecasts, indicating that the holiday shopping season would be marked by aggressive discounts and tepid demand for pricey electronics
** Company sees annual comparable sales to decline between 2.5% and 3.5% compared with earlier forecast of 1.5% to 3%
** Sees annual adjusted EPS of $6.10 to $6.25 vs earlier target of $6.10 to $6.35
** BBY also posts Q3 sales and profit miss
** Up to Monday's close, stock had risen 19% YTD
Reporting by Neil J Kanatt in Bengaluru
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