Best Buy stock jumps 16 percent following Samsung announcement


Shares of Best Buy increased 16 percent Thursday after Samsung announced they will open "mini-stores" inside more than 1,400 Best Buy locations, MPR reports.

Samsung Experience Shops are set to debut early next month and will feature a broad range of Samsung smartphones, tablet computer, laptops, cameras and other devices.

ABC News says products have been available at Best Buy stores for years, but the new shops will be staffed by "Samsung Experience Consultants" that will help customers with basic product services and Samsung account set-up. The mini-stores will also include customer support for Samsung products, similar to the Genius Bar at Apple stores, according to the New York Times.

The Samsung displays will compete with Apple's "store-within-a-store" already installed inside 740 Best Buy locations across the country. However, Samsung will have more square footage, ABC News reports.

The mini-stores will also work in Samsung's favor as the manufacturer rolls out its Galaxy S 4 phone, which is expected to hit the U.S. market at the end of May, the Washington Post says.

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Best Buy profits fall 29 percent; stock tumbles

The retailer's stock dropped in early trading after the company announced profits fell 29 percent, missing Wall Street's expectations. But, as the Business Journal reports, sales are up, both in stores and online. Black Friday advertising and a one-time fee over store closures in the U.K. drove down profits.