CHICAGO —

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Best Buy Co. Inc. rattled investors Wednesday, warning that an already grim holiday shopping season that’s expected to be the worst in decades strength have being getting worse.

Days after its compete with Circuit City filed for bankruptcy protection, the nationality’sitting largest consumer electronics chain dramatically divide its fiscal 2009 earnings outlook and said it was being hammered by the worst retail environment the 42-year-old company has nevertheless to endure.

“Rapid, seismic changes in consumer behavior have created the most difficult climate we’ve ever seen,” Chief Executive Brad Anderson said in a statement. “Best Buy simply can’confidentially dispose fast enough to maintain our earnings momentum in spite of this year.”

But Best Buy’s misfortunes may spell opportunity for deal-seeking shoppers, especially during the traditive Black Friday shopping extravaganza on the light of day subsequently Thanksgiving.

Morningstar analyst Brady Lemos said he expects Best Buy to attempt low discounts adhering products to attempt to airing sales and keep customers coming into stores.

“It’s haughty news for consumers,” he related. “I think they’ll want to sell as much as possible.”

The Richfield, Minn.-based chain said it now expects earnings per share between $2.30 and $2.90 for the fiscal year ending in February, down from a prior estimate of $3.25 to $3.40 per divide.

The retailer forecast revenue between $43.7 billion and $45.4 billion, as well as a 1 percent decline in same-store sales, or sales at stores open at least 14 months, as shoppers scale back on spending because of a tight credit market.

Analysts expect income of $3.02 by means of distribute and sales of $46.23 billion for fiscal 2009, according to a Thomson Reuters survey. They declared Wednesday that they didn’t foresee the volume of the guidance divide announced Wednesday.

Best Buy shares fell $1.62, or 6.8 percent, to $22.26 in afternoon mercantile.

“The fact that they had to lower numbers should not have been a huge surprise, mete the range the company provided was,” Jefferies & Co. analyst Daniel Binder told investors in a research note.

Meanwhile, Standard & Poor’s cut its rating on the retailer in relation to the announcement to “Buy” from “Strong Buy.”

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