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City & Business

BEST BUY WARNS OF PROFITS PLUNGE

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FEARS: The U.S. economy is in dire straits

Thursday November 13,2008

By Andrew Johnson

FEARS for the viability of the U.S. economy deepened yesterday when the country’s biggest electronics retailer shocked investors with a major profits warning.

Best Buy’s move to slash profits forecasts by a third came a day after smaller rival Circuit City filed for bankruptcy protection.

Best Buy, which is to launch its stores in the UK in partnership with Carphone Warehouse, said same-store sales slid 7.6 per cent in October after falling 1.3 per cent in September.

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