To say I was dumbstruck a quarter ago when Best Buyraised guidance would be an understatement.
A few weeks earlier, on CNBC’s Strategy Session, I was laying out the reasons I thought the company couldn’t help but cut its full-year guidance.
A key point of my story at the time: A round of the company’s revenuecame from PCs and TVs, both of which were getting whacked.
Today, as part of its fiscal third-quarter report, the company axed this year’s guidance to a range of $3.20 to $3.40 a share, including a favorable contribution of 12 cents from share repurchases through the third quarter.
That’s lower than the $3.45 to $3.60 a share guidance the company set at the beginning of the year, and well below the $3.55 to $3.70 a share set a quarter ago.
But the real story is this: Online sales crumbled to year-over-year growth of 7 percent, down from 15 percent in the second quarter and 21 percent in the first quarter.