Saturday, 20 October, 2018

Best Buy to Shutter 250 Mobile Phone Locations

Best Buy shares up on better-than-expected sales Best Buy Co Inc (BBY) Q4 Earnings Blow Away Expectations
Scott Davis | 02 March, 2018, 08:00

The mobile stores are each about 1,400 square feet (130 sq meters) while a typical Best Buy store occupies about 40,000 square feet (3,716 sq meters).

Shares rose 2.2 percent to $74 in early trading.

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

Joly also said in his letter to employees that he was confident about keeping customers and being able to transition them to the larger stores as well as online, adding that over 85% of the mobile stores were within just three miles of one of their large box stores.

It was a bit of a mixed bag for Best Buy over the last 12 hours or so. The mobile phone business was then growing quickly, with high profit margins. Best Buy had opened its first mobile store way back in 2006.

As May approaches, Best Buy will offer employees the opportunity to find other jobs internally or transition to an "in-home advisor" role.




The consumer electronics retailer on Thursday posted net income of $364 million, or $1.23 per share.

Best Buy is planning to close all of its roughly 250 smaller-format mobile phone stores, CEO Hubert Joly said to employees Wednesday in an internal memo, which was reviewed by CNBC.

Sales at established stores jumped 9 percent in the fourth quarter ended February 3, triple the average estimate of analysts for a 2.9 percent increase, according to Consensus Metrix. That compares with earnings of $607 million, or $1.91 per share, a year ago.

The turnaround that has been led by Joly over the past few years really started to show its head during Best Buy's most recent fiscal quarter, which closed at the start of February. Earnings per share is expected to rise 9 percent to 13 percent, driven by a lower tax rate and share repurchasing. Southwest. whose in-flight drink menu has always boasted the $5 happy hour, every hour, will now charge $1 or $2 more per drink.

The company also said its board approved a 32 per cent increase in its quarterly dividend.

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