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(Bloomberg)   Best Buy cuts profit forecast, warns worst is yet to come, announces plans to change name to "Good Buy"   (bloomberg.com) divider line
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644 clicks; posted to Business » on 12 Nov 2008 at 1:33 PM (10 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2008-11-12 10:06:39 AM  
Stock downgraded to "Run Away!"
 
2008-11-12 10:11:42 AM  
They'll be hurting for a while as Circuit City finishes its implosion and tries to unload a ton of cheap merchandise. But they'll be fine in the long run. Their only real national competition now is Wal-Mart.
 
2008-11-12 10:14:20 AM  
Rot in hell, Best Buy

\Former employee
\\Despise that place
 
2008-11-12 10:14:55 AM  
Maybe it should be "Good Bye"
 
2008-11-12 10:16:36 AM  
Yeah, around here Best Buy and Circuit City are pretty much the only places to go for electronics. There's Sound Advice but they're ridiculously over priced. I'm surprised they're even still around. Wal*Mart and Target don't have a selection to speak of. With Circuit City going, I'd think Best Buy would be doing fairly well.
 
2008-11-12 10:17:58 AM  
This is a late parrot: Maybe it should be "Good Bye"

Yeah, well, they're homonyms, you see, so maybe that was the point.
 
2008-11-12 10:25:45 AM  
Hey, if they really need to move inventory it might be "Awesome Buy."
 
2008-11-12 10:27:08 AM  

Two Dogs Farking: This is a late parrot: Maybe it should be "Good Bye"

Yeah, well, they're homonyms, you see, so maybe that was the point.


Sorry Dude, I was trying to make it easier for the liters to understand when this finally does go green
 
2008-11-12 10:28:51 AM  
nice one subbs
 
2008-11-12 10:40:12 AM  
Shopping for electronics at Best Buy was always a great experience right up until you checked out and ran into the extended warranty storm troopers.

Hope they go under and take their suck with them.
 
2008-11-12 10:44:20 AM  
I'm sure sales of Chinese Democracy will put them back in the black.
 
2008-11-12 10:45:49 AM  

Pocket Ninja: They'll be hurting for a while as Circuit City finishes its implosion and tries to unload a ton of cheap merchandise. But they'll be fine in the long run. Their only real national competition now is Wal-Mart.


From what I've seen, CC liquidators aren't giving out anything remotely resembling good deals at the moment - they're actually raising prices on a lot of stuff, and "discounting" it back down to close to the original price. Unfortunately, there are a lot of people dumb enough to fall for it...
 
2008-11-12 11:06:51 AM  

Kyndig: From what I've seen, CC liquidators aren't giving out anything remotely resembling good deals at the moment - they're actually raising prices on a lot of stuff, and "discounting" it back down to close to the original price. Unfortunately, there are a lot of people dumb enough to fall for it...


I got the impression that they would be sending the higher priced (and mostly better quality stuff) back to they vendors, sell off the crap not worth shipping back and almost full retail.
 
2008-11-12 11:17:40 AM  
I say change it to 'Buy More' and the geek squad can become the nerd herd.

/chuck fan
 
2008-11-12 11:48:06 AM  

labman: I say change it to 'Buy More' and the geek squad can become the nerd herd.

/chuck fan


Only if my local store can have regular visits by Yvonne Strahovski.
 
2008-11-12 01:39:35 PM  
I hate Best Buy with a white hot passion. However, that won't stop me from seeing if they can sell me a decent flat screen TV for less than $1k around the holidays.
 
2008-11-12 01:44:03 PM  
With CC's implosion, and the economic downturn, I imagine less people are going there.

HEck, I used to buy 1-2 things a month, mostly dvd boxsets, but now, I maybe spend $50 there every 2-3 months.

The S.A.C 2nd Gig boxset I bought there this weekend was my first purchase in quite some time.

amazing show, btw.
 
2008-11-12 01:49:58 PM  
Went to Best Buy for some HDMI cables, got their hilarious (to me) and misleading (to the average customer) pitch on Monster Cables. Told me I wouldn't need the best ones since my TV isn't 120Hz (way to go, BB, selling cables to people based on a standard that has no media thus far, and when the lowest-end monster cable will do that just fine anyway over reasonable distances). That's good to know. So, just $90 for that 3-foot cable, huh?

Oh, I don't know, man, the next one up says it can handle so many more MB/s than this one! And you say that the picture won't be as good with the lowest end one? My digital picture? That will just completely fark up if it isn't getting at least nearly all of the data it needs? That picture?

Jesus, those guys are annoying. You know what I'll do if the cheapest 3-foot HDMI cable in the store gives me a corrupt picture, sales dude? BRING IT THE FARK BACK, since it's not doing what it's supposed to.

Good thing it (predictably) works just fine.
 
2008-11-12 01:50:09 PM  
pretty please buy?
 
2008-11-12 01:53:14 PM  

Mugato: Yeah, around here Best Buy and Circuit City are pretty much the only places to go for electronics. There's Sound Advice but they're ridiculously over priced. I'm surprised they're even still around. Wal*Mart and Target don't have a selection to speak of. With Circuit City going, I'd think Best Buy would be doing fairly well.


You forget Best Buy's biggest competition. Online.

No, not in "big screen TVs". (What's the deal with TVs, anyway? Is that *the* economic indicator to watch? Cause I have a 25" tube, and don't plan to change that, sorry). I accept that people want to see a TV before buying. But, Best Buy and Circuit City never made that much money on the TV, either. Rather, their profit centers were overpriced cables, accessories, and media. Things that online shopping blows them away for.
 
2008-11-12 01:58:34 PM  
as much as i hate wal-mart its starting to look like it will end up being the only place to shop.
 
2008-11-12 01:58:35 PM  

This is a late parrot: Two Dogs Farking: This is a late parrot: Maybe it should be "Good Bye"

Yeah, well, they're homonyms, you see, so maybe that was the point.

Sorry Dude, I was trying to make it easier for the liters to understand when this finally does go green


or blaming the cheap for the whoosh you had to have explained, its always the poor that gets blamed... sniff.
 
2008-11-12 02:01:12 PM  

This is a late parrot: Two Dogs Farking: This is a late parrot: Maybe it should be "Good Bye"

Yeah, well, they're homonyms, you see, so maybe that was the point.

Sorry Dude, I was trying to make it easier for the liters to understand when this finally does go green


We still don't get it. Please explain further.
 
2008-11-12 02:01:44 PM  
As someone who'll likely be standing outside one at midnight tonight, I'm getting a kick out of these replies.
 
2008-11-12 02:02:28 PM  

Lawnchair: (What's the deal with TVs, anyway? Is that *the* economic indicator to watch? Cause I have a 25" tube, and don't plan to change that, sorry).


It's actually a good economic indicator. All of this started when people HAD to have a 42" plasma for whatever the cost.

Now, people are buying 25" tubes at yard sales.

Irrational Extuberance.

/Has a 42" plasma. (paid cash)
 
2008-11-12 02:06:09 PM  
subby Best Buy cuts profit forecast, warns worst is yet to come, announces plans to change name to "Good Buy"

A better business plan would be to falsify profits in order to boost stock price, sell stock, re-state profits, get some bailout money as stock price tanks, quit with golden parachute and live happily ever after.
 
2008-11-12 02:07:55 PM  

fallingcow: Went to Best Buy for some HDMI cables, got their hilarious (to me) and misleading (to the average customer) pitch on Monster Cables. Told me I wouldn't need the best ones since my TV isn't 120Hz (way to go, BB, selling cables to people based on a standard that has no media thus far, and when the lowest-end monster cable will do that just fine anyway over reasonable distances). That's good to know. So, just $90 for that 3-foot cable, huh?

Oh, I don't know, man, the next one up says it can handle so many more MB/s than this one! And you say that the picture won't be as good with the lowest end one? My digital picture? That will just completely fark up if it isn't getting at least nearly all of the data it needs? That picture?

Jesus, those guys are annoying. You know what I'll do if the cheapest 3-foot HDMI cable in the store gives me a corrupt picture, sales dude? BRING IT THE FARK BACK, since it's not doing what it's supposed to.

Good thing it (predictably) works just fine.


Depends on the cable actually. Not all cables have the same error rate as another, even in the same length. Companies use a BER (Bit Error Rate) test that sends out millions of bits of data over an HDMI cable to see how many are received. You'd be surprised how many those $10 HDMI cables lose. Also look up "eye pattern test" online. Those cheap HDMI cables are cheap for a reason.

I'm not saying go out and drop $150 bucks on cables, but don't drop $3000 on a TV and another $400 on a Blu-ray only to run the signal over a $10 cable. They're $10 for a reason.
 
2008-11-12 02:08:29 PM  
What is happening to Best Buy is happening to everybody. The day after the President went on TV to tell the nation just how bad things could get, consumer behavior changed drastically. They started saving money. Not just some money, all of their money. Trying to anyways. I've noticed Monday-Wednesday are under performing big time (approximately 20-30% below predictions), Friday-Saturday are over performing (I give up, I'll spend "some" money), Sunday is a completely unpredictable. Both retail and service industry have been affected.

If consumer confidence doesn't pick up, the US is screwed. For the love of God, America, quit acting like the sky is falling. Please. I don't want to see 20% unemployment in 2010.
 
2008-11-12 02:10:05 PM  
On a tangent, anyone remember Best? I don't think they became Best Buy...I think they were like Service Merchandise, with a catalog and a warehouse on-site...
 
2008-11-12 02:10:25 PM  
This city is saturated with Best Buys. Wouldn't mind seeing a few of them disappear.
 
2008-11-12 02:13:28 PM  

Renowned transvestite sexologist: If consumer confidence doesn't pick up, the US is screwed.


Consumer confidence will take a long time to pick up because every single story on the news is about how the country is farked, you're going to lose your job and your children will be sold into slavery. Just watch the stock market: "Market afraid of recession" => "Market drops due to recession fears" => "Recession is here"
 
2008-11-12 02:13:33 PM  
ihatedumbpeople:
Depends on the cable actually. Not all cables have the same error rate as another, even in the same length. Companies use a BER (Bit Error Rate) test that sends out millions of bits of data over an HDMI cable to see how many are received. You'd be surprised how many those $10 HDMI cables lose. Also look up "eye pattern test" online. Those cheap HDMI cables are cheap for a reason.

I'm not saying go out and drop $150 bucks on cables, but don't drop $3000 on a TV and another $400 on a Blu-ray only to run the signal over a $10 cable. They're $10 for a reason.


At less than 10 meters, all HDMI 1.3 cables regardless of price can carry 1080p with 7.1 linear PCM without problem. At less than 3 meters, it's nearly irrelevant how much you pay for HDMI cables.

The reason those cables are $10 is because they didn't mark them up 1000% before selling them. Monster cables cost retailers about $20.
 
2008-11-12 02:13:53 PM  
The US is absolutely NOT screwed if we start behaving responsibly for a change. Yes, some things have to change. But going into debt to keep up with the neighbors was a unsustainable joke that has thankfully finally imploded. We all can live much more simply and be a whole lot happier.
 
2008-11-12 02:14:25 PM  
The last time I went to Best Buy I was nearly run over by one of their Blue Shirts who was chasing a hacky-sack kicked by another Blue Shirt. There was a whole gang of these twirps milling around yakking with each other while ignoring customers. Eventually a Blue Shirt (the only one that was not farking off) appeared and asked if he could help me.

I got my item and proceeded to the checkout to find only one farking lane open; this was during the noon hour, and the store had lots of customers like me shopping during their lunch break.

It was the last time.
 
2008-11-12 02:16:50 PM  

Renowned transvestite sexologist: If consumer confidence doesn't pick up, the US is screwed.


Consumer confidence was nothing but beer muscles for my entire lifetime. People were confident that spending seven dollars for every five that they earned was feasible. The party is over and people are staying inside while they deal with the hangover. People suddenly see value in adopting the thriftiness and adaptiveness of the Greatest Generation. We're going to flush entitlement down the toilet as we tune out advertisers who say we deserve to have luxury items.

I made the correction a few years ago and my finances are doing great. The rest of America is currently catching up to me and in a few years, we'll all be better off for it.
 
2008-11-12 02:17:51 PM  

ihatedumbpeople: I'm not saying go out and drop $150 bucks on cables, but don't drop $3000 on a TV and another $400 on a Blu-ray only to run the signal over a $10 cable. They're $10 for a reason.


I'm sure you're right. While you're at it, make sure you use one of these when you hook up your amplifier.

The Denon $500 Ethernet Cable (new window)

Just figure out what you're doing, and get (or make) the cheapest cable that does what you're doing. It's not rocket science, and cable manufacturers are engaged in...well, it's not thievery exactly, more like con artistry.

Read the description on that cable I linked to...pure artistry. It's exactly, precisely, in every meaningful way identical to a $5 Ethernet cable. I hope they sell thousands of them to idiots who don't deserve their money.

Ignore price. Sometimes the $10 cable is perfect. Get the one that does what you need to do, and don't pay more than you have to for it.
 
2008-11-12 02:19:13 PM  

MmmBadEggs: On a tangent, anyone remember Best? I don't think they became Best Buy...I think they were like Service Merchandise, with a catalog and a warehouse on-site...


Yeah, I remember Best, growing up in Virginia. Fun store, and had a good run, but you're right that it was more of a Service Merchandise catalog store.
 
2008-11-12 02:19:59 PM  

Renowned transvestite sexologist: ihatedumbpeople:
Depends on the cable actually. Not all cables have the same error rate as another, even in the same length. Companies use a BER (Bit Error Rate) test that sends out millions of bits of data over an HDMI cable to see how many are received. You'd be surprised how many those $10 HDMI cables lose. Also look up "eye pattern test" online. Those cheap HDMI cables are cheap for a reason.

I'm not saying go out and drop $150 bucks on cables, but don't drop $3000 on a TV and another $400 on a Blu-ray only to run the signal over a $10 cable. They're $10 for a reason.

At less than 10 meters, all HDMI 1.3 cables regardless of price can carry 1080p with 7.1 linear PCM without problem. At less than 3 meters, it's nearly irrelevant how much you pay for HDMI cables.

The reason those cables are $10 is because they didn't mark them up 1000% before selling them. Monster cables cost retailers about $20.


Since I work in the industry and can see our costs on those very cables, I can tell you the generalization of "monster cables cost retailers $20" is wrong. And Monster Cables are a STEAL compared to some brands.
 
2008-11-12 02:28:24 PM  
For all your cabling needs: www.monoprice.com

Monster doesn't even own any manufacturing. That should tell you their claims are bunk. There are 'lower end' brands then Monster at Radioshack, Target, etc... but even they are total rip offs.
 
2008-11-12 02:30:09 PM  

beer4breakfast: For all your cabling needs: www.monoprice.com


Best advice evar. Saved me tons of cash.
 
2008-11-12 02:42:28 PM  

Tommy Johnson: Drakuun: As someone who'll likely be standing outside one at midnight tonight, I'm getting a kick out of these replies.

Why, what comes out tomorrow?


Google says a World of Warcraft expansion.
 
2008-11-12 02:44:01 PM  

MmmBadEggs: On a tangent, anyone remember Best?


There was a BEST near the Northridge Mall in Southern California. It has been an empty building for at least 20 years. It is finally being rebuilt and has just opened as a................"Best Buy." I guess as a kid, i didn't realize that their gimmick was the on-site warehouse, but I remember picking up the things you had bought from the conveyor belt near the front.
 
2008-11-12 02:47:08 PM  
Best Buy serves a necessary role in commerce - a place to buy stuff and then return it after my newegg or monoprice order arrives.
 
2008-11-12 02:47:37 PM  

Kyndig: Pocket Ninja: They'll be hurting for a while as Circuit City finishes its implosion and tries to unload a ton of cheap merchandise. But they'll be fine in the long run. Their only real national competition now is Wal-Mart.

From what I've seen, CC liquidators aren't giving out anything remotely resembling good deals at the moment - they're actually raising prices on a lot of stuff, and "discounting" it back down to close to the original price. Unfortunately, there are a lot of people dumb enough to fall for it...


From what I saw at my local CompUSA when it was liquidated, the first few weeks they will have signs showing 10% off, and then 20% for a few weeks, and so on until just before the store is picked clean when they bring out the "70% off" signs. The problem is that the "percentage off" that they are showing is off of the full MSRP, not the stores normal selling price.
 
2008-11-12 02:53:30 PM  
Agreed on monorpice. That place is great.

The latest TVs out for the average consumer are 1080p 120Hz TVs. For a full quality picture, you would need a 1.3a rated HDMI cable, that is, a cable that transmits a bandwidth of 10.2gbps. Lets say you need a 20ft cable.

You COULD get this 1.3a Monster cable for $190: Link (new window)

Or you could get this no-name 1.3a cable from monoprice for $28: Link (new window)

You'll get the same picture quality, however , the Monster might be more durable and have a lifetime warranty. But there's no way in hell it's worth a (roughly) 680% price increase.
 
2008-11-12 02:56:16 PM  

NewportBarGuy: beer4breakfast: For all your cabling needs: www.monoprice.com

Best advice evar. Saved me tons of cash.


i70.photobucket.comView Full Size


i70.photobucket.comView Full Size
 
2008-11-12 03:00:06 PM  

labman: I say change it to 'Buy More' and the geek squad can become the nerd herd.

/chuck fan


This. Weirdest thing ever-I actually have the urge to go shopping at a soulless national retail chain that doesn't exist. I swear there must be real subliminal messages in Chuck's flashes.
 
2008-11-12 03:09:38 PM  
DrVoice, Dragontoes: Awesome, I'm not the only one! And now that you mention it, I remember the conveyer belt-thing as well.

Our Best (West Long Branch, NJ) must have closed around 1988 or so...
 
2008-11-12 03:14:35 PM  
I've got a friend who spent a shiatload on monster cables, I still laugh at him about it, followed by "I've got the exact cables that aren't monster for at least 1/2 the price and the same specs". You gotta give monster credit though, they've managed to nail that "it costs more so it must be better crowd" quite well.
 
2008-11-12 03:29:03 PM  
One thing I notice about Best Buy is that all the employees pretend to be experts and know what they are talking about but only a few actally do. Do any fellow farkers work there? Do they train their employess how to pretend to be knowledgeable?
 
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