Best Buy to Close 50 Stores After Sales Trail Estimates
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Best Buy Co., the world’s largest consumer-electronics retailer, plans to close 50 U.S. big-box stores this year to reduce costs after fourth-quarter sales trailed analysts’ estimates. The shares slid.
Revenue in the three months ended March 3 rose to $16.6 billion, Richfield, Minnesota-based Best Buy said today in a statement. The average estimate of 19 analysts surveyed by Bloomberg was $17.1 billion.