Best Buy Cuts 2009 Profit Outlook

Minneapolis Best Buy Co. said it is sharply cutting its fiscal 2009 earnings outlook below analyst estimates amid what the company called the toughest retail environment it has ever seen.

The retailer forecast revenue of $43.7 billion to $45.4 billion, as well as a 1% decline in same-store sales.

Analysts expect sales of $46.23 billion for fiscal 2009, according to a Thomson Reuters survey.

Best Buy's same-store sales dropped 7.6% in October.

Best Buy also says the stronger dollar will weaken revenue and profit from its international segment more than previously expected.