Best Buy Plans to Shutter 250 Mobile Phone Shops in the US
02 March, 2018, 07:58 | Author: Luis Fowler
There are at least six Best Buy Mobile stores in the St. Louis area: Saint Louis Galleria, South County Center, St. Clair Square, West County Center, Chesterfield Mall and Mid Rivers Mall. The missed targets overshadowed Nordstrom's healthy 2.6 percent increase in sales at established stores, which is a key measure of a retailer's health.
Moody retail analyst Charlie O'Shea said in a note to investors that while year-over-year online growth was down slightly, the revenue "speaks to the strength of Best Buy's brick-and-mortar footprint, as well as reinforces our view that consumers still value the store experience".
Joly said in the letter he felt confident about retaining customers and transitioning them to the company's larger stores and website, adding 85 percent of Best Buy's mobile stores are within three miles (4.8 km) of one of its big box stores.
Best Buy has tried to turn itself around by matching e-commerce giant Amazon.com Inc's low prices, closing underperforming stores, and improving customer service. It is also quite possible that mobile retail margins are dipping and the business, in general, is not as profitable as it once used to be. Best Buy had opened its first mobile store way back in 2006.
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. The holidays helped stoke a 9% same-store sales increase, handily besting FactSet's consensus forecast for 2.9%.
That's a big turnaround from a year earlier when the figure dipped 0.9 per cent for the consumer electronics retailer. The company will report its earnings for the fourth-quarter Thursday.
Best Buy said it will shut 250 small mobile phone stores in USA malls. Analysts on average had expected a 2.9 percent rise, according to Thomson Reuters I/B/E/S. Best Buy's shares rose more than 3 percent to $75.30. Excluding these charges, earnings were $2.42 per share.
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