Best Buy reported $109 million in charges for the first quarter, primarily tied to the restructuring of its Best Buy Health division.
The charges stemmed mainly from asset impairments and other associated costs, according to the company’s earnings report released May 29.
Best Buy CEO Corie Barry reaffirmed the company’s long-term commitment to healthcare during the earnings call, despite short-term challenges.
“The strategy of the health business is enabling care at home for everyone. And that fundamental belief system for us remains,” Ms. Barry said. “The part that has been harder and taken longer to develop than we initially thought is some of the very discrete in-home health that we are providing in partnership with some of the healthcare industry.”
Best Buy has been expanding its healthcare presence in recent years, focusing on remote patient monitoring and home care. The company has partnerships with health systems such as Somerville, Mass.-based Mass General Brigham and Sacramento, Calif.-based UC Davis Health.
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