Best Buy's Latest Numbers Suggest A Gloomy Outlook For Big-Box Stores
A person walks away from a shuttered Best Buy Store on April 16, 2012 in Chicago, Illinois. The store, which closed April 14, is one of six stores the struggling electronics retailer has scheduled for closure in the Chicago area and one of fifty nationwide in an attempt to cut $250 million in costs for the 2013 fiscal year.
Best Buy released its first-quarter 2012 earnings this week, and though the numbers beat Wall Street expectations, net income took a tumble — falling 25%, compared with last year. And more than just poor earnings have plagued the nation’s largest retailer of late. Six weeks ago, former CEO Brian Dunn left the company amid allegations of an inappropriate relationship with a female staffer.
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Filed by Alexander Eichler