Reuters: Technology News: Best Buy sales disappoint, to cut stores, jobs

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Best Buy sales disappoint, to cut stores, jobs Mar 29th 2012, 12:57 Tweet Share this Email Print Related News GameStop expects higher sales this year Thu, Mar 22 2012 UPDATE 4-Lululemon profit rises, outlook disappoints Thu, Mar 22 2012 Tiffany gives upbeat 2012 forecast, shares up Tue, Mar 20 2012 Analysis & Opinion The anti–Walmart The anti-Walmart A Best Buy store in Westminster, Colorado June 27, 2007. Credit: Reuters/Rick Wilking Thu Mar 29, 2012 8:57am EDT (Reuters) - Best Buy Co Inc (BBY.N) reported weaker-than-expected sales for the fourth quarter on Thursday, and said it has decided to close 50 big-box stores and to cut 400 jobs in corporate and support areas. Despite offering bigger discounts, the world's largest consumer electronics chain saw weak demand for gadgets in the holiday selling season. Net loss was $1.7 billion, or $4.89 a share, for the fourth quarter ended March 3, compared with net income of $651 million, or $1.62 a share, a year earlier. Excluding charges, it earned $2.47 a share. Sales rose to $16.63 billion, but fell way short of the analyst average estimate of $17.23 billion. The retailer said it expects its restructuring efforts to save about $800 million in costs by fiscal 2015, including about $250 million in the current fiscal year. (Reporting By Dhanya Skariachan; Editing by Gerald E. McCormick) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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