Electronics retailer Best Buy announced it would close 50 big box locations in the U.S. as it refocuses its operations around mobile.
The company said it will launch 100 new mobile locations as it retools its domestic store format.
The announcement was timed with the company's fourth quarter report, where it sharply beat analyst expectations on the bottom line. Over the final quarter of 2011, revenue grew three percent to $16.6 billion while earnings per share hit $2.47.
However, analysts polled by Bloomberg had forecast top line results of $17.15 billion, some $500 million more than the company reported. The quarter also benefitted from an extra week in the company's fiscal calendar — excluding the week would mean revenue actually fell 1.1 percent. Shares were down 6 percent in the first minutes of trading.
But they are opening 50 more stores in China. Anymore, I'm becoming ashamed to be an American.
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