Best Buy is closing 50 stores in the U.S. in fiscal 2013 and is looking to cut costs by $800-million by fiscal 2015. The Hutchinson store is among those slated to close.
The biggest U.S. specialty electronics retailer also says it lost money in its fiscal fourth quarter partly because of a restructuring charge, but its adjusted results topped Wall Street’s expectations.
Best Buy lost $1.7-billion, or $4.89 per share for the period ending March 3rd. That compares with a profit of $651-million, or $1.62 per share, a year ago.