The Shutdown Continues
MINNEAPOLIS (AP) -- Best Buy Co. Inc. , the nation's biggest consumer electronics retailer, said Tuesday that its third-quarter profit sank 77 percent as it faced dramatic changes in consumer spending.
The company also said it will offer massive buyout packages to corporate employees while slashing spending in a bid to cut costs, news that the sent the retailer's stock soaring.
Executives called the past three months the "most challenging consumer environment" in the retailer's history.
"We believe that there has been a dramatic and potentially long-lasting change in consumer behavior as people adjust to the new realities of the marketplace," Chief Executive Brad Anderson said in a statement. "We also believe that customers will continue to reward those retailers who understand their needs and desires, and offer relevant solutions at fair prices. Yet we clearly recognize that these changes require us to make significant adjustments."
More and more losing their jobs. I am talking to partners at major lawfirms and business is slowing. Regardless how much money is printed...if there is rapidly slowing velocity, you might as well flush all those "new" dollars down the toilet. Right now the vast majority of money printed is going to very few....VERY FEW!!!! It takes spending by the many to increase velocity.
Demon....until velocity increases....Deflation continues.