PHILADELPHIA (Reuters) - Consumer electronics retailer Best Buy Co Inc said on Monday it would close its branded stores in China and Turkey as part of an effort to generate savings of up to $70 million by fiscal 2013.
The company said that its fiscal 2012 new store openings will focus primarily on the profitable growth of its Best Buy Mobile business in the United States and its Five Star business in China.
Along with changes to its U.S. supply chain operations, Best Buy expects to incur restructuring charges during fiscal 2011 and 2012 of $225 million to $245 million.
The retailer said it continues to expect fiscal 2011 diluted earnings of $3.20 to $3.40 a share, excluding restructuring charges.
(Reporting by Jessica Hall: Editing by Jan Paschal)
