"We do see evidence that suggests consumer spending will be difficult to read," said Darren Jackson, the company's chief financial officer, during Best Buy's quarterly conference call. Earnings slid 18% year over year, to $192 million, but total revenue jumped 14%, to $7.9 billion.

Based on the first quarter's results, management lowered the company's full-year, earnings-per-share guidance to between $2.95 and $3.15 from between $3.10 and $3.25. "We know it does not reflect the core health of our business," said Brad Anderson, Best Buy's vice chairman and chief executive officer, commenting on the quarter.

Best Buy fared better in other countries. Same-store sales in Canada rose 12.8% year over year, fueled by notebook-computer and gaming transactions. Revenue from the newly-acquired Chinese chain Five Star totaled about $300 million, executives say.