Best Buy posts weak results, to cut stores, jobs

NEW YORK, March 28 Thu Mar 29, 2012 8:18am EDT

NEW YORK, March 28 (Reuters) - Best Buy Co Inc reported weak results for the fourth quarter on Thursday and said it has decided to close 50 big-box stores and to cut 400 jobs in corporate and support areas.

Despite offering bigger discounts, the world's largest consumer electronics chain saw weak demand for gadgets in the holiday selling season.

Net loss was $1.7 billion, or $4.89 a share, for its fourth quarter ended March 3, compared with net income of $651 million, or $1.62 a share, a year earlier. Excluding charges, it earned $2.47 a share.

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