Best Buy switching focus to smaller stores

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LONDON (ShareCast) - US electronics retailer Best Buy (Dusseldorf: BUY.DU - news) , which recently aborted a foray into the UK market, has announced plans to close 50 of its 'big box' stores. The company announced proposals to save $850m in costs through 2015 including the closure of 50 large stores. Notwithstanding the above, it will open 100 points of sale locations using a smaller format. The announcement came as the company reported adjusted earnings per share (EPS) of $2.47 for its fiscal fourth quarter, topping the $2.16 expected by the consensus. Revenue rose 3% from last year to $16.6bn but fell short of the $17.2bn expected by the consensus. Unadjusted for extraordinary and one-time charges, the company reported a $1.7bn quarterly loss, partly due to restructuring charges. For 2013, Best Buy expects to register full-year sales of $50 - $51bn and EPS of $3.50 - $3.80. M.D.