Best Buy is quietly closing US stores across 4 states
Best Buyis closing five storesin four states in the next month.
- Last year was difficult for retailers, and conditions don't look like they're improving yet.
- Best Buy had a hugely successful third quarter but has not yet released fourth-quarter earnings.
Best Buy is closing five stores across the US over the next month, the retailer confirmed to four local
Best Buy beat expectations in the third quarter, though that was mostly thanks to digital sales and the company warned that things could slow down further. Demand for home electronics and entertainment products led to $11.85 billion in revenue, an increase of over 20% from Q3 of the previous year.Despite the apparent boom, Best Buy stock prices fell as the future looked murky and executives declined to give a forecast for the fourth quarter. Those earnings have not yet been released.
"As we've said many times before, our stores are a vital part of our growth strategy. We're constantly looking at our store network, responding to customer and demographic shifts just as any retailer does. This is the same approach we have employed for the past several years" Best Buy told Insider in a statement.
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