Best Buy Canada Closes 66 Future Stores

In March 2015, best buy had a closed shop in Canada.

Since then, best buy has taken various measures to make good progress.

Reporters learned that best buy had shut down 66 Future stores, which lost $1 billion in sales, and pferred the unclosed entity store and shopping website to best buy. Its related expenses amounted to $191 million. It is expected that there will be another 10 million -9000 million other expenses this year, too, Shop said.

Joly said the adjustment included establishing a multi-channel user experience and replicating the successful experience of best buy in the United States, including launching home appliance stores in stores.

"We are working with partners to see how to make products more attractive, improve staffing, and invest in special funds to provide customers with better online shopping experience."

Revitalization

Best buy is imperative, but the cost will undoubtedly become a huge burden. International revenue in the second quarter will fall by 30%-35%.

In the first quarter, international business revenue declined by 22.1% to $668 million due to the closure of Canada's future stores and the loss of currency exchange.

Wedbush securities analyst

"

The biggest problem in Canada is that there will be too many stores in the future. Once the adjustment is completed, the company will continue to buy Best Buy mode and sales will pick up. "

"The second biggest problem is that sales of best buy in Canada are settled in US dollars, while Canadian dollar has weakened against the US dollar.

It is possible to rebound, but it may take longer to recover. "

Reporters learned that apple and Samsung's latest smart phones, the use of installment settlement, as well as consumer demand for ultra high definition large screen TV and large household appliances promoted the sales of best buy, but the rise has been offset by the decline in sales of tablet PCs and personal computers.

Pachter said that this phenomenon obscures the continuous loss of market share and reduces the cost of Internet retailers such as Amazon.

According to reports, the retail sales of electronic products amounted to US $8 billion 560 million in the first quarter, with a profit of US $129 million, or 36 cents per share. Compared with the same period last year, the retail sales amounted to US $8 billion 640 million, with a profit of US $1 billion 310 million and US $1.31 per share.

Traditional electronics retailers broke 29 cents per share, making best buy's share in New York up 4%.