Best hit by electric dealers to close large stores to cut costs

The March 30 News of Beijing time, affected by the big losses in the quarter, Best Buy announced that it would close 50 stores and slash costs.

Best Buy released its fourth quarter results today. In the last quarter, Best buy net loss of up to 1.7 billion U.S. dollars, the loss of 4.89 U.S. dollars per share, not in accordance with the United States General Accounting Standards (NON-GAAP), earnings per share of 2.47 U.S. dollars, higher than the 2.16 U.S. dollar Wall Street forecast, revenue of 16.63 billion U.S. dollars, the year-on-year increase of 3%, Less than 17.23 billion dollars in Wall Street expectations.

Best Buy is facing the impact of e-commerce sites such as Amazon. Brian Dunn, CEO of the company, said: "Over the past three years, the industry has been Blaine Deng, especially in the traditional consumer electronics sectors such as televisions, PCs and game consoles." At the same time, consumers have enjoyed the double convenience of price transparency and shopping convenience. Therefore, we must accelerate the cost reduction, adjust the sales mix, and significantly improve the shopping experience. We are in an extremely uncertain consumer and economic environment. ”

In addition to shutting down 50 large stores, Best Buy plans to raise the share of online revenues to 15% and cut $800 million trillion before fiscal year 2015.