Best Buy is leaving the European market. The company is selling its stake in a joint European venture with U.K.-based consumer electronics retailer Carphone Warehouse Group PLC for cash and stock worth about $775 million USD.
Fourth quarter same store sales inched up 0.9% at Best Buy and profits were better than expected as the company fared better during the holiday season than many thought.
The Retail Industry Leaders Association (RILA) added five industry executives to its board of directors during its semi-annual meeting on Jan. 28 in Los Angeles, Calif.
Best Buy on Tuesday continued its string of negative same store stores sales, posting a 4% decline at U.S. stores, and recorded a worse than expected profit.
A filing with the Securities and Exchange Commission revealed that Best Buy Inc. CEO Hubert Joly has sold $1.19 million worth of shares of common stock of the company.
Best Buy reported dismal second quarter results Tuesday morning, missing analysts’ estimates by a wide margin one day after the company raised eyebrows by selecting a CEO with no retail experience to engineer a turnaround.