Best Buy to continue with European expansion

Best Buy says it has no plans to cut back on its previously announced expansion in Europe, in partnership with Britain's Carphone Warehouse.

Although Best Buy warned of a "seismic shift" in consumer behaviour, Best Buy Europe chief executive Roger Taylor said there would be "no effect at all" on the duo's plans to launch four or five Best Buy Europe stores next year and 100 across Europe by 2012.

"Best Buy has a strong balance sheet and no debt," said Taylor, who is also finance director of Carphone Warehouse. "We don't need an excessive amount of capital in terms of our plans next year."