Revenues, gross profit and operating income (excluding unusual items) are flat in the past 3 years. They have $3.3B in cash flow in 2012 for a $8.4B market cap. They are buying back 10% of shares every year.
If they are able to keep doing what they've been doing for the past 3 years they'll have over $4 EPS 2 years from now. They don't even have to grow. In fact their revenues and profits could go down a little and they'll still get to $4 EPS just by buying back stock. Best Buy better die soon or the shorts are going to get squeezed.
I understand people shorting Radioshack or Sears. For Sears, sales are going down and their cash flow is NEGATIVE. Radioshack had a 45% fall in operating income.
I don't know any other retail stock besides Gamestop that is as cheap as Best Buy.