Best Buy to Close 50 US Stores, Cut Costs
MINNEAPOLIS (AP) – Best Buy Company is closing 50 stores in the U.S. in fiscal 2013 and is looking to cut costs by $800 million by fiscal 2015.
The biggest U.S. specialty electronics retailer also says it lost money in its fiscal fourth quarter partly because of a restructuring charge, but its adjusted results topped Wall Street’s expectations.
Best Buy lost $1.7 billion, or $4.89 per share, for the period ended March 3. That compares with a profit of $651 million, or $1.62 per share, a year ago.
Taking out the charge and other items, earnings were $2.47 per share, above analysts’ estimates of $2.15 per share.
Revenue rose 3 percent to $16.08 billion, but missed Wall Street’s $17.18 billion estimate.
Best Buy’s stock gained 3.8 percent, to $27.65 in trading.
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