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Thursday, 29 March 2012 - Best Buy sales, restructuring disappoint |
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      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. 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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. 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