Best Buy rallies after online, brick-and-mortar both shine

Best Buy shares up on better-than-expected sales

The mobile stores are each about 1,400 square feet (130 sq meters) while a typical Best Buy store occupies about 40,000 square feet (3,716 sq meters).

After the news, the company's stock rose 1.4 percent in early trading amid a flat broader market. The consumer electronics retailer also provided a 2019 outlook above analysts' estimates. With Best Buy planning to continue mobile sales in its main retail stores, this certainly isn't the end of its efforts in the smartphones space, but it is the end of an era for the company.

By and large, it seems that Best Buy Mobile is indeed underperforming. Though Best Buy Mobile launched at a time when margins were much higher, these days it's harder to make money with stores that only focus on mobile sales. Not that we'd attempt to downplay the closing of physical CE retail footprint, but the Best Buy Mobile locations are literally just a blip on the radar for the company from booth a revenue and total square footage perspective.

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Because 85% of Best Buy's mobile stores are within three miles of one of its flagship big boxes, GlobalData analysts anticipate a small reduction in the number of customers to be "more than offset" by cost reduction. Sales grew 9% during the quarter, driven by a record-breaking $2.8 billion in online sales alone for the retailer.

Shares of Best Buy Co. jumped 7 percent before the opening bell.

For the fourth quarter, Best Buy earned $364 million, or $1.23 per share.

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The earnings announcement came a day after Best Buy said it was shuttering all 250 of its small-format mobile phone stores in the USA, saying the locations have become less profitable.

The retailer continued to gain market share during the fourth quarter and benefited from strong customer demand and improved product availability, Chief Executive Hubert Joly said on an earnings conference call. Revenues should fall within a range of $41 billion to $42 billion, while earnings per share are forecast to fall between $4.80 to $5.

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