InfoAnda - Best Buy sales, restructuring disappoint |

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

US to complain to Chinese about Google hacking | 16 January 2010
Indian parliament ends session without passing a bill | 14 December 2010
New York Times, Funny Or Die contend for Web awards | Entertainment | | 15 April 2009

BoJ mulls winding down emergency support | 13 October 2009

Forum Views () Forum Replies ()

Read more with google mobile : Best Buy sales, restructuring disappoint |

Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Home Business Business Home Economy Technology Media Small Business Legal Deals Earnings Social Pulse Business Video The Freeland File Markets Markets Home U.S. Markets European Markets Asian Markets Global Market Data Indices M&A Stocks Bonds Currencies Commodities Futures Funds peHUB World World Home U.S. Brazil China Euro Zone Japan Mexico Russia India Insight World Video Reuters Investigates Decoder Politics Politics Home Election 2012 Issues 2012 Candidates 2012 Tales from the Trail Political Punchlines Supreme Court Politics Video Tech Technology Home MediaFile Science Tech Video Tech Tonic Social Pulse Opinion Opinion Home Chrystia Freeland John Lloyd Felix Salmon Jack Shafer David Rohde Bernd Debusmann Nader Mousavizadeh Lucy P. Marcus David Cay Johnston Bethany McLean Edward Hadas Hugo Dixon Ian Bremmer Lawrence Summers Susan Glasser The Great Debate Steven Brill Jack & Suzy Welch Breakingviews Equities Credit Private Equity M&A Macro & Markets Politics Breakingviews Video Money Money Home Tax Break Lipper Awards 2012 Global Investing MuniLand Unstructured Finance Linda Stern Mark Miller John Wasik James Saft Analyst Research Alerts Watchlist Portfolio Stock Screener Fund Screener Personal Finance Video Money Clip Investing 201 Life Health Sports Arts Faithworld Business Traveler Entertainment Oddly Enough Lifestyle Video Pictures Pictures Home Reuters Photographers Full Focus Video Reuters TV Reuters News Article Comments (10) Counterparties: Today's Best Links The gambler who broke Atlantic City Don Johnson used relatively tiny advantages to win $6 million from an Atlantic City casino in one night. It wasn't the first such haul for Johnson. Here's how he did it. Read more at Counterparties Dallas Fed: Break up big banks Private equity's bigges threat is itself Follow Reuters Facebook Twitter RSS YouTube Read Exclusive: Brazil to rally BRICS against rich countries 28 Mar 2012 Pope meets Cuba's Fidel Castro, slams U.S. embargo | 28 Mar 2012 Authorities charge JetBlue pilot for midair meltdown 10:07am EDT Special Report: Gaddafi's secret missionaries 3:15am EDT Man hugs doctors after seeing face transplant in mirror 27 Mar 2012 Discussed 242 Poll: Americans angry with Obama over gas prices 224 Cheney recovering after heart transplant: spokeswoman 215 Black friend defends shooter of Florida teen Watched Congressman dons a hoodie, gets kicked off House floor Wed, Mar 28 2012 Elephant runs away from circus 12:16am EDT Horror hits the runway in Japan Fri, Mar 23 2012 Best Buy sales, restructuring disappoint Tweet Share this Email Print Related News Wall Street falls for 3rd day, Nasdaq off 1 percent 12:04pm EDT GameStop expects higher sales this year Thu, Mar 22 2012 FedEx global economic view darker, shares drop Thu, Mar 22 2012 UPDATE 4-Lululemon profit rises, outlook disappoints Thu, Mar 22 2012 Starbucks factory investments to create 150 jobs Wed, Mar 21 2012 Analysis & Opinion This budget will heighten income inequality The avoid-brands wine strategy Related Topics Tech » Hot Stocks » Asian Markets » Media » A Best Buy store in Westminster, Colorado June 27, 2007. Credit: Reuters/Rick Wilking By Dhanya Skariachan Thu Mar 29, 2012 11:39am EDT (Reuters) - Best Buy Co posted weaker-than-expected sales for the key holiday quarter and said it would close 50 large U.S. stores, sending shares of the world's largest consumer electronics chain down 9 percent on Thursday. Analysts and investors expected more aggressive restructuring efforts from the chain, whose large-format stores have often been termed "white elephants." While most industry insiders welcomed Best Buy's decision to reduce its retail footprint at a time when many shoppers buy their gadgets online, they expected the retailer would have done more. "These are steps in the right direction," BB&T Capital Markets analyst Anthony Chukumba said. "Beyond the weak (sales), I think what the market is telling you is that they don't think they went far enough from a restructuring perspective." Best Buy should try to relocate more stores to smaller locations, sub-lease portions of their bigger stores and shutter more unprofitable stores, he said. "Clearly, Best Buy doesn't need as much U.S. big box square footage as they currently have," Chukumba added. In addition to closing 50 big stores, the company said it would cut 400 jobs in corporate and support areas. THE FIGHT IS ON Despite offering bigger discounts and free shipping to lure shoppers from its rivals including Wal-Mart Stores Inc and Amazon.com Inc, Best Buy's same-store sales fell 2.4 percent in the quarter, including a 2.2 percent decline at its U.S. stores open at least 14 months. Wedbush analyst Michael Pachter was looking for a 1.8 percent same-store sales decline in the quarter, including a 1.4 percent decline at its domestic stores. Its sales rose to $16.63 billion, but fell far short of the analysts' average estimate of $17.23 billion, according to Thomson Reuters I/B/E/S. Unlike the 2010 holiday season, when Best Buy held the line on discounts and promoted only expensive goods, this time around it offered deep discounts on everything from flat-screen TVs to digital cameras. It also promised to match any lower prices that its brick-and-mortar competitors advertised during the season's peak and offered free online shipping. Still, industry watchers contend that Best Buy stores increasingly serve as physical showrooms for online retailers. Amazon enjoys its largest pricing advantage versus brick-and-mortar rivals in the consumer electronics segment, with prices 17 percent lower on average, BB&T's Chukumba has estimated. "We remain concerned about the sustainability of Best Buy's big-box model. The company is gradually becoming a physical showroom for online retailers, and the prevalence of smartphones makes comparison shopping increasingly easy," Pachter said. Best Buy lost $1.7 billion, or $4.89 a share, in the fourth quarter that ended March 3, compared with net income of $651 million, or $1.62 a share, a year earlier. Excluding charges, it earned $2.47 a share. Analysts were looking for a profit of $2.16 a share on that basis, according to Thomson Reuters I/B/E/S. THE SMALLER THE BETTER Best Buy is now trying to focus on its smaller format stores. It will close 50 U.S. big-box stores and open 100 Best Buy small-format, stand-alone stores in the current fiscal 2013. The chain expects its restructuring to save about $800 million by fiscal 2015, including about $250 million this year. The changes should help lower the retailer's overall cost structure, Chief Executive Brian Dunn said in a statement. Best Buy plans to invest some of the savings into improving customer service, including expanding its Reward Zone Silver loyalty program, and giving store employees more training before the next holiday season. It will also offer competitive prices as part of its push to drive revenue, and over time, some of the savings should fall to the bottom line, Dunn said. For the current financial year, Best Buy sees earnings of $3.50 to $3.80 a share, before items. (Reporting By Dhanya Skariachan; Editing by Gerald E. McCormick, Maureen Bavdek, Dave Zimmerman) Tech Hot Stocks Asian Markets Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (10) Lord_Foxdrake wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Other News on Thursday, 29 March 2012
Thousands rally for Mali junta, Toure says free |
Body of French gunman may be sent to Algeria for burial |
U.S. generals, Pakistan army chief meet on NATO skirmish |
France's Sarkozy narrows Hollande's second round poll lead |
Libya militias resume fighting after ceasefire |
Mexico presidential favorite Pena Nieto has clear lead: poll |
Facebook halts secondary market trading, plans for May IPO |
Third Point blasts Yahoo for board picks |
Silicon Valley startup gala spurs feeding frenzy |
One 'Bully' in theaters, but bigger bullies on Web |
The Hunger Games soundtrack tops Billboard chart |
'Mad Men' creator Matt Weiner to direct first movie |
Pope meets Cuba's Fidel Castro, slams U.S. embargo |
Syrian violence ignores peace diplomacy |
BRICS nations voice concern over pace of IMF reforms |
Australia PM stands by Huawei ban despite China plea |
Zimbabwe court says no foul play in general's death |
Poverty drives central Europe's great exodus |
Yemen frees Ethiopians held by gunman seeking ransom |
Torture marred rule of fallen Chinese leader: lawyer |
Spanish strike tests tolerance for austerity |
Japan hangs 3 murderers in first executions since 2010 |
Apple CEO visits Foxconn's iPhone plant in China |
Online advertisers cautioned against privacy blunders |
Pioneering feminist poet Adrienne Rich dead at 82 |
Aerosmith says new album brings a little of 1975 back |
Bad boy Sheen on a comeback
Bobby Brown charged with drunk driving |
No clear way to court for Syria war crimes suspects |
Exclusive: West wants Saudi not to neutralize oil release |
Myanmar's Suu Kyi: from prisoner to would-be lawmaker |
U.N. council worried by Yemen political deterioration |
Turkish prosecutors seek jail for 364 officers |
African leaders scrap Mali trip after runway invasion |
Analysis: Storm clouds gather over Monti's Italy reform drive |
Chavez back in Venezuela after radiation therapy |
Rockets explode as Arab leaders meet in Baghdad |
French gunman's body not wanted in Toulouse or Algeria |
Star-struck Japan PM befriends Facebook's Zuckerberg |
EBay names David Marcus president of PayPal |
Australia PM stands by Huawei ban despite China plea |
Best Buy sales, restructuring disappoint |
Greece's OPAP shortlists three firms for online betting |
Florence + The Machine get Unplugged for MTV |
Glamorous offerings earmark environment at Green Auction |
UK Sonisphere fest cancelled in challenging year |
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01