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Best Buy Tumbles After Predicting Sales Slump in First Half

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Best Buy Inc., the largest electronics retail chain, fell the most in almost a year after warning that price pressure and sluggish demand will lead to a sales slump in the first half of the year.

Deflationary pricing, weak demand for some categories of electronics and fewer people buying extended warranties all threaten to weigh on results, the Richfield, Minnesota-based company said in a statement today. Sales in the first half will range from being little changed to dropping by a low single-digit percentage, Best Buy said.