If you were still skeptical that mobile electronics (or online shopping for that matter) were as popular as reported, Best Buy’s announcement today that the company fell short of expectations, posting 4th quarter (fiscal 2012) revenue of $16.6 billion — short of the projected $17.15 billion.
The most recent performance combined with 2nd and 3rd (fiscal 2012) quarters has shown that even the electronics giant Best Buy is feeling the pinch in an age where more and more people are shifting towards mobile devices and online shopping. To combat the downward earnings trend, Best Buy plans to close 50 U.S. stores through 2013 while also opening 100 new Best Buy Mobile locations. Overall, Best Buy hopes the closings/openings will allow them to save over $800 million in fiscal year 2013.
We can’t say we’re surprised. We only use Best Buy for physical “hands-on” looks at electronics before we plunker down cash elsewhere online. Not to mention, if we actually have questions about something the sales staff are rarely any more helpful than asking the gadget we’re looking at itself to respond to our questions.