Best Buy to close 50 stores.....

[Sherman A1]

Electronics retailer Best Buy announced it would close 50 big box locations in the U.S. as it refocuses its operations around mobile.
The company said it will launch 100 new mobile locations as it retools its domestic store format.
The announcement was timed with the company's fourth quarter report, where it sharply beat analyst expectations on the bottom line. Over the final quarter of 2011, revenue grew three percent to $16.6 billion while earnings per share hit $2.47.
However, analysts polled by Bloomberg had forecast top line results of $17.15 billion, some $500 million more than the company reported. The quarter also benefitted from an extra week in the company's fiscal calendar — excluding the week would mean revenue actually fell 1.1 percent. Shares were down 6 percent in the first minutes of trading.
The company saw same-store sales decline 2.3 percent during the period, highlighting its difficulties as the U.S. economy gained steam during the first few months of 2012. Best Buy saw weakness across the board, with sales suffering in gaming, notebooks, digital imaging and televisions.

http://finance.yahoo.com/news/best-buy-shutter-50-big-120457157.html

[democrat_patriot]

1. Best Buy is very expensive.

I never shop there, I can find anything they sell online or elsewhere 50%-80% less.

[itsrobert]

3. That's one reason they are closing stores

Because the online stores don't have huge overhead expenses.

[DJ13]

5. Their local stores is the only reason to shop at Best Buy online

The buy it now & pickup in store is the one slight advantage they have over most online retailers.

Closing stores will have a snowball effect in reducing their online sales since they seem unable to compete much on price online.

[lukkadairish]

2. When

will the list of stores to be axed be announced?

[Sherman A1]

4. I don't believe it was listed in the article

I am sure that they will make that public when they are ready.

[Liberal_in_LA]

6. yikes

[Initech]

7. They're worth $16 billion and they can't keep stores open? WTF??

[geardaddy]

8. More money for the CEO and his cronies.