Best Buy Loses Big in 4th Quarter – Closing 50 Stores

Posted Thu Mar 29, 2012 at 09:00 AM PDT by Dick Ward

The company was down over $2 billion from 2010's numbers.

Things aren't going well at Best Buy right now. Over the last year profits have dipped, expenses due to restructuring have increased and the ledgers aren't looking quite as good as they used to. In the fourth quarter of 2011, Best Buy lost $1.7 billion dollars – a huge change from the $651 million they brought in during Q4 2010.

The plan at the moment is to continue a mobile focus. The company will be closing 50 of its big-box retail locations but open another 100 mobile kiosk locations during the current fiscal year.

Best Buy is also going to keep pushing into China, where it plans to open 14 kiosk style locations and another 36 big-box stores.

Source: Home Media Magazine

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Tags: Best Buy, Industry Trends, Store Closings (all tags)