Best Buy to close 50 U.S. stores, stock drops

Best Buy's stock took a dive on Thursday after the retailer reported quarterly results that included plans to close 50 big box stores in the U.S. by 2013.

Also, the company said it plans to open the same number of stores in China during the same time period.

Best Buy's (BBY, Fortune 500) stock price dropped 8% as the company's better-than-expected earnings report failed to trump the news about shuttering brick and mortar locations.

The retailer reported an adjusted quarterly profit of $2.47 a share. That was significantly higher than the projected $2.16 a share, from a survey of analysts by Thomson Reuters.

The company also said it plans to open 100 "Mobile small format stand-alone stores" in fiscal year 2013. It also said 14 of the new stores in China will be "mobile store-within-a-store concepts."

Read Full Article from CNNMoney

- Posted: 2012-03-29 11:16:52

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