Best Buy is shutting down 250 mobile outlets

02 March, 2018, 08:00 | Author: Shannon Aguilar
  • Best Buy shares up on better-than-expected sales

Best Buy on Thursday said that fourth quarter revenue rose 14% year over year to $15.36 billion, beating the FactSet consensus estimate of $14.51 billion cited by Marketwatch. US e-commerce sales in the quarter rose 17.9% to $2.8 billion, thanks to higher conversion rates and higher average order values that accounted for 20% of sales, the company said.

The impressive results point to the strength of Best Buy's brick-and-mortar footprint, notes Moody's retail analyst Charlie O'Shea.

The Richfield, Minn. -based retailer said the cellphone business is no longer as lucrative as it was when the company began opening the small shops in malls across the country.

Some of Best Buy's competitors, like RadioShack and hhgregg, have closed hundreds of stores and filed for bankruptcy protection.

Mobile phone sales were boosted by Samsung Electronics Co Ltd's Note smartphone, which the US retailer was unable to sell previous year due to a recall. Best Buy had opened its first mobile store way back in 2006.

Best Buy CEO Hubert Joly gave notice to employees this past Wednesday that all 250 mobile phone stores located in the U.S. will be closing before the end of May.

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Gap's fourth-quarter profit fell 7 percent, but the clothing retailer reported strong holiday sales and increased its dividend.

Best Buy Co Inc (BBY.N), the No. 1 US consumer electronics retailer, on Wednesday said it will shut 250 small mobile phone stores in USA malls as it looks for ways to operate more profitably and turn around its business amid intense competition.

Any employees working at Best Buy Mobile locations will receive help from Best Buy in finding other jobs within the company, and those that choose to leave after May 31 will be given severance packages.

Net income was $364 million, or $1.23 a share, in the three months ended February 3, down from $607 million, or $1.91 a share, a year earlier.

Analysts had expected earnings of $2.04 per share, according to Thomson Reuters I/B/E/S. Sales grew 9% during the quarter, driven by a record-breaking $2.8 billion in online sales alone for the retailer. "Fortunately for Best Buy, many of these items need explanation and demonstration, particularly among the less tech-savvy", Saunders agreed. Officials forecast adjusted earnings between $4.80 and $5 per share in fiscal 2019.

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