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Best Buy warned late today that earnings and same-store sales would be lower in its third quarter that ends November 3. The electronics and entertainment software retailer also said the head of its U.S. business Mike Vitelli will leave at year-end as part of a restructuring begun by new CEO Hubert Joly. Shares fell 6.8% after hours to $15.77 from their $16.92 close. The EVP of U.S. operations also will exit. Shawn Score, head of Best Buy Mobile stores that sell phones and tablets, has been appointed to head U.S. store operations, the Wall Street Journal said.
Related: Beat Buy OKs Founder Richard Schultz’s Pursuit Of Buyout
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It’s the beginning of the end for brick & mortar consumer electronics.
Recently, I was in the market for a new subwoofer. I checked out a few online and picked out a model.
I went in to two different Best Buy stores. The price difference was about 20%. I told them I understood that I would be paying more at the store than online but that I wanted to help out a local store. I asked them to just try a little. Maybe, meet me halfway. I’d pay more, but have the sub right now and help the local economy.
Nothing. ZILCH. Neither would move a penny from their store price. One guy was nice, the other was brusque adn spouted on and on about how high their capitalization was, and how Wall Street was behind them etc. etc.
I said, “We’ll I’ll be at your liquidization sale like I was at the ones for Circuit City, Good Guys etc.”