Best Buy is closing 250 mobile stores in the United States

02 March, 2018, 07:59 | Author: Natasha Holloway
  • Best Buy

The company opened its first retail store in 2006, prior to the launch of Apple's first iPhone and when margins in the business were high, Hubert Joy, Best Buy Chief Executive, told employees in an internal memo.

Best Buy said it will shut 250 small mobile phone stores in US malls.

It should really come as a surprise that Best Buy is looking to close all 250 of its standalone stores because they only make up for one percent of overall company revenue. The holidays helped stoke a 9% same-store sales increase, handily besting FactSet's consensus forecast for 2.9%.

The No.1 United States consumer electronics retailer also benefited from better product availability and the decline or exit of some competitors, Best Buy Chief Financial Officer Corie Barry said in a statement.

"Hundreds of our Big Box stores received Mobile 2020 redesigns last year, with almost 200 more this year, and, our In-Home Advisors now enable us to sell products and services in-home, almost all of which can be powered by a smartphone", he said.

The company still plans on selling smartphones, but now they'll just sell them from its more prominent retail stores.

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They did it again. "I'm happy, of course, when I can score and help the team". But they knew before that match that we are around.

The company's revenue grew 14 percent to $15.36 billion, beating estimates for $14.5 billion.

Although many may not miss Best Buy's small storefronts found in malls and as kiosks, the business accounts for 1 percent of its revenue.

"As much as this format once allowed Best Buy to tap into a very fast-growing category, cell phone sales growth is now far less impressive", Saunders said. "On the online front, Best Buy has eclipsed the 20% of total sales threshold, which is a clear indication of multi-channel strength".

The company expects full-year earnings in the range of $4.80 to $5 per share.

The company also said its board approved a 32 per cent increase in its quarterly dividend. Earnings per share is expected to rise 9 percent to 13 percent, driven by a lower tax rate and share repurchasing. Excluding these charges, earnings were $2.42 per share.

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