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The largest electronics retailer in the U.S. expects slower sales of home theater items, MP3 music devices, and digital imaging gear than previously anticipated in the current quarter, it said. It also pointed out that video gaming sales have slowed, but blamed the trouble on inventory shortages.

The company also expects its fiscal fourth quarter same store sales to decline compared to a year ago, causing it to cut its full year same stores sales target to nearly $40 billion this year, a gain of 2.5 percent to 3 percent, compared to a prior forecast calling for 4 percent year-over-year growth.

"This is the first same store sales decline since the first quarter of 2002, (Best Buy's fiscal second quarter of 2001) and in line with the economic slowdown in 2001," said Warren Lau, research analyst at Macquarie Securities in Hong Kong. read more