On Tuesday, electronics retailer Best Buy (BBY) released third-quarter results, topping the Street's forecast along with raising guidance for the current fourth quarter. As a result, the stock fell more than 8%. Wait, what? Best Buy crushed the Street's estimate, reporting earnings of 53 cents per share when 43 cents per share was expected; reported increased sales of $12.02 billion, topping expectations for $11.98 billion; and upped its full-year earnings and revenue guidance to a range of $49 billion to $49.5 billion from $48 billion to $49 billion -- so why did the stock plunge?

Best Buy executives noted that profit margins would fall, thanks to shoppers buying more low-margin items like "cheap notebook computers and entry-level flat panel digital TVs." This strategy bothers some analysts, as Anthony Chukumba with FTN Equity Capital Markets noted that, "Best Buy is managing its business for gross margin dollars not the gross margin rate."

Slumping sales did in Sears Holdings (NASDAQ: SHLD) in the second quarter, as the company posted a surprise loss of 17 cents per share (excluding items). The Street expected the company to report earnings of 38 cents per share. Why the staggering disparity?

One reason is that comparable-store sales dropped 8.6% (12.5% at Sears stores and 3.9% at Kmart). Another reason is what the company called "significant items," which include costs associated with store closings and severance (32 cents per share), domestic pension plan expenses (22 cents per share), mark-to-market losses on Sears Canada hedge transactions (8 cents per share), and a positive impact of a reversal of a $62-million reserve (29 cents per share). The store closings include charges that related to the decision to close 28 underperforming stores.

Retailer BJ's Wholesale Club (NYSE: BJ) stepped into the earnings spotlight this morning, reporting second-quarter earnings of 64 cents per diluted share. A year ago, BJ reported net income of 61 cents per diluted share, including three cents per share from favorable state income tax audit settlements.

During the first half of 2009, BJ raked in $1.09 per diluted share compared to 90 cents per diluted share a year ago. Quarterly sales slipped slightly more than 5% to $2.5 billion on a year-over-year basis, but the bulk retailer did forecast full-year sales to increase 0.5% to 1.5%. On the forecast front, BJ now expects full-year earnings between $2.46 and $2.56, which is higher than the previously forecast $2.44 to $2.54.

Tiffany (NYSE: TIF) reported fourth-quarter earnings that dropped more than 75% from a year earlier as pocketbooks remained clamped throughout the holidays. It certainly seems that the market for high-end jewelry was far lower during the holidays, thanks to the current economic mess.

The retailer reported earnings of 25 cents per share compared to 96 cents per share a year ago. Taking staff cuts and other costs out of the equation, TIF's earnings checked in at 85 cents per share. The ex-item results were better than Wall Street's expected 80 cents per share. While revenue dropped 20% to $841.2 million, it topped the consensus estimate of $838 million.

Despite concerns to the contrary, Wal-Mart (NYSE: WMT) is still growing. It posted the first $100 billion quarter in its history. The world's largest retailer said net sales for the fourth quarter of fiscal year 2008 were $106.269 billion, an increase of 8.3% from the year-earlier period. Earnings from continuing operations were $1.02 per share, up 7.4% from 95 cents a year earlier, including a net charge of approximately 2 cents per share for certain items this year.

The top-line numbers were a bit misleading. US sales at the Wal-Mart flagship brand rose a pathetic 5% to $67.4 billion. Sales from international operations rose almost 19% to $27 billion. At that growth rate, overseas sales could match domestic sale in seven or eight years.

Operating income overseas rose over 14% to more than $1.7 billion, or 23% of the global total.

Wal-Mart says it expects expects earnings of 70 cents to 74 cents for the first quarter of fiscal year 2009, and between $3.30 and $3.43 for the full fiscal year 2009. Both numbers were below analysts' estimates of 74 cents and $3.44.

It is clear that Wal-Mart will now have to rely almost completely on international sales to meet its forecasts for the up-coming year. China and Mexico better deliver.

Douglas A. McIntyre is an editor at 247wallst.com

Tomorrow morning, retailer J.C. Penney (NYSE:JCP) will be reporting earnings for its fiscal third quarter. If same-store sales growth figures for the retailer are any indication for tomorrow's earnings, then tomorrow JCP shares will most likely be trading up. But, then again, the market reacts strangely sometimes to good news, so who knows. With the holiday shopping underway, though, JCP's fourth quarter should be hefty just like almost any other retailer in existence.

For J.C. Penney's most-recent quarter, the retailer reported same-store sales growth -- sales in stores open at least one year -- of 8.1%. While September's figure was 8.7%, there was a 0.5% decline in August. Strange, as I would have though August -- at least the last half -- would have been strong due to the "back to school" shopping seasonality factor.

What to expect tomorrow morning? Just a little over a week ago, the retailer forecast third-quarter earnings from continuing operations of $1.22 per share, which was an increase from the $1.11 per share noted in a prior guidance. The retailer also said that November same-store sales are expected to grow by a low single-digit percentage range after high single-digit gains in both September in October. With these kinds of possible inconsistencies, stay tuned to BloggingStocks for the news tomorrow morning -- I'll be on it, all over it -- something like that.