Best Buy Co Inc laid out a plan to boost its online and mobile businesses, in an attempt to appease investors worried about the retailer losing share to online and discount rivals.
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The largest U.S. consumer electronics chain, which also backed its fiscal-year profit outlook on Thursday, has been under pressure after it reported three straight quarters of same-store sales declines and forecast a fall in same-store sales in the current quarter, mainly due to its ailing television business.
Best Buy said it is now aiming for 600 to 800 Best Buy Mobile stand-alone stores in the United States within five years.
The news came after many investors raised concerns about the retailer's huge overhead costs and oversized stores at a time when many shoppers go online to buy gadgets.