Associated Press, Published March 01 2013
Best Buy fourth-quarter loss narrowsNEW YORK — Best Buy Co. says its fourth-quarter loss narrowed as it cut costs to offset nearly flat sales during the key holiday quarter. It also says a deadline passed without a bid from its co-founder, Richard Schulze.
The financial results beat expectations and shares rose more than 6 percent in premarket trading.
The electronics chain has been cutting costs to offset weak sales amid tough competition.
Its loss after paying preferred dividends totaled $409 million, or $1.21 per share, for the three months ended Feb. 2. That compares with a loss of $1.82 billion, or $5.17 per share, in the prior-year quarter.
Excluding restructuring and other costs, adjusted earnings came to $1.64 per share. Analysts expected $1.54 per share.
Revenue was nearly flat at $16.71 billion. Analysts expected $16.29 billion.
Copyright 2013 The Associated Press.