Best Buy Crushes Earnings Call, Announces Mobile Store Closures
It was a bit of a mixed bag for Best Buy over the last 12 hours or so. First, overnight, the company announced that it would shutter its 250 small mobile-phone stores across the country. But that was followed up by an early morning announcement that the consumer electronics big box store absolutely crushed it during its fiscal fourth quarter.
So let’s get the bad news out of the way first.
The 250 Best Buy Mobile stores that will no longer exist are mainly mall-based stores that focus (as the name suggests) on mobile devices. 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. According to Reuters, the stores contributed just over 1 percent to Best Buy’s overall revenue and 1 percent to the overall square footage.