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Best Buy Downplays Q3 Outlook

10/12/2001 10:37:00 AM Eastern

Eden Prairie, Minn. - Best Buy now expects fiscal third-quarter comp-store sales to be slightly below its forecast of Sept. 18.

The retailer said in its 10Q filing to the Securities and Exchange Commission for fiscal second-quarter results that it expects same-store sales for Best Buy and Musicland in the third quarter to range from a 0 percent to 2 percent decline for the three-month period ending in December. This compares with a prediction of an increase of 0 percent to 2 percent for third-quarter comp-store sales made earlier.

Best Buy also said in its filing that the gross margin rates for the third quarter would be slightly better than previously anticipated. It also said gross margins were expected to increase on a year-over-year basis, although the rate of improvement in the second half of the fiscal year is anticipated to be slower than the first half.

Earnings are expected to be in the lower end of the range previously stated in September.

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