Best Buy to shut down 250 mobile stores across the US

Best Buy

"We began to open them more than a decade ago, before the iPhone was even launched".

On Wednesday, the company said it would shut 250 small mobile phone stores in US malls as it looked for ways to operate more profitably and turn around its business amid intense competition.

The letter said Best Buy will help employees look for other jobs within the company over three months. The holidays helped stoke a 9% same-store sales increase, handily besting FactSet's consensus forecast for 2.9%.

The No.1 USA consumer electronics retailer benefited from the exit and decline of some competitors such as RadioShack and HH Gregg Inc, which filed for bankruptcy and closed hundreds of stores, and tumbling sales at Sears Holdings Corp.

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The company saw same-store sales growth across most of its categories, with mobile phones, gaming, appliances, smart home, wearables and home theater the largest drivers, according to a company press release.

With a windfall tied to lower corporate tax rates, the retailer handed out bonuses of $1,000 to full-time employees and $500 to part-timers, many of them front-line workers at its stores.

Revenue for the company was $15.36 billion, well above projections for $14.57 billion.

Although many may not miss Best Buy's small storefronts found in malls and as kiosks, the business accounts for 1 percent of its revenue.

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The company expects full-year earnings in the range of $4.80 to $5 per share. That's all set to change, as Best Buy has announced that it will close many of these stores later this year. It is also quite possible that mobile retail margins are dipping and the business, in general, is not as profitable as it once used to be.

There are now over 1,000 Best Buy stores operating.

Best Buy Co Inc shares rose $3.71 (+5.12%) in premarket trading Thursday. Not that we'd attempt to downplay the closing of physical CE retail footprint, but the Best Buy Mobile locations are literally just a blip on the radar for the company from booth a revenue and total square footage perspective.

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