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 MINNEAPOLIS (AP) - Best Buy Co., the nation's largest consumer electronics retailer, lowered its 2008 profit estimate on Tuesday, blaming a softening economy that's steering shoppers away from high-margin items like flat-screen TVs.
The company also reported that first-quarter earnings fell 18 percent, partly in response to the inclusion of the company's new lower-margin business in China. Shares slid $2.53, or 5.3 percent, to $45.48 in afternoon trading.
Chief Executive Officer Brad Anderson said weakness in the overall economy was a major factor in the company's sales skewing away from high-margin, big-ticket products. A growing amount of its sales is coming from items like notebook computers and gaming hardware, which don't bring as much profit.
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