Shares of Best Buy fell nearly 12% in premarket trading to $21.08. Since Sept. 12, the stock has tumbled more than 46%.
"Since mid-September, rapid, seismic changes in consumer behavior have created the most difficult climate we've ever seen," said Brad Anderson, the company's vice chairman and chief executive officer. "Best Buy simply can't adjust fast enough to maintain our earnings momentum for this year."
29 minutes ago