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“Back then the mobile phone business was in a period of rapid growth and margins were high,” said Chief Executive Hubert Joly on the earnings call. “Fast forward to 2018 and the mobile phone business has matured, margins have compressed and the cost of operations in our stand-alone stores is higher than our big-box stores.”
The news came during Best Buy's fourth-quarter earnings. The company saw same-store sales at the consumer electronics retailer rise 9 percent, which was better than the retailer expected.
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