KAKE - Money - Headlines
Best Buy To Close 50 Stores, Cut Costs
Thursday, March 29, 2012
Best Buy Co. 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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