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Best Buy cuts 2008 outlook

NEW YORK
Fri Feb 15, 2008 8:18am EST

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A Best Buy store in Westminster, Colorado June 27, 2007. The company cut its fiscal 2008 profit outlook on Friday, blaming in part lower-than-expected sales growth in January. REUTERS/Rick Wilking

NEW YORK (Reuters) - Best Buy Co Inc (BBY.N) cut its fiscal 2008 profit outlook on Friday, blaming in part lower-than-expected sales growth in January.

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The company now expects to earn $3.05 a share to $3.10 a share in fiscal 2008. Earlier, it had forecast earnings of $3.10 to $3.20.

Best Buy also forecast sales of about $40 billion for fiscal 2008, on same-store sales growth of 2.5 percent to 3 percent. It had previously expected same-store sales to rise about 4 percent.

(Reporting by Aarthi Sivaraman, editing by Gerald E. McCormick)
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