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Best Buy to close 30 stores in 2023

American consumer electronics retailer decided to optimize its business.
American consumer electronics retailer Best Buy has decided to optimize its business. The statement followed the publication of the financial report, according to which the company's quarterly revenue fell by 10% to $14.7 billion.

Best Buy

Best Buy's press service noted that the market is pressured by consumers' desire to save money. The company has seen declines in sales of home theater, home appliances and cell phones in the past few months, partly offset by growth in the gaming and tablet segments.

Best Buy's fourth-quarter 2022 gross profit was $2.9 billion, and operating income fell by a quarter to $597 million. At the same time, comparable-store sales were down 9.3%.

In its outlook for the next fiscal year, the e-retailer forecasts a 3-6% decline in comparable store sales with capital expenditures of $850 million. The company has already said it expects another down year in the consumer electronics market. Demand for appliances is expected to bottom out in 2023.

In the next fiscal year, Best Buy will reduce its retail network by 20 to 30 large-format stores, renovate eight Experience stores and open about ten additional outlet stores. Over the past three years, the retailer has laid off a fifth of its workforce, or about 25,000 people, due to falling customer demand. The company spent $86 million in the fourth quarter of last year to restructure its business.

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