Also gains market share with rival’s closure
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Best Buy (Richfield, Minn.) said it will open 65 new stores during the coming fiscal year, down from 213 store openings in fiscal 2009. The consumer electronics giant disclosed that downsized expansion plan for 45 new U.S. stores and 20 additional international units in its fourth quarter earnings report.
For that period, the company reported sales of $14.7 billion, an increase of 10 percent from a year earlier, and a profit of $570 million, down 23 percent from a year earlier. “We prepared for reduced consumer spending, and we were pleased when the quarter finished stronger than it began,” said Brad Anderson, vice chairman and ceo.
Best Buy also said it is gaining market share after the closure of rival Circuit City Stores Inc.
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