Richfield-based electronics giant Best Buy reported Friday a narrower fourth-quarter loss thanks to an increase in U.S. same store sales, the Wall Street Journal reports.
The report comes a day after Best Buy founder Richard Schulze withdrew his efforts to take back the company. The Star Tribune reports that Schulze is still contemplating whether he will fill the two board seats the company has granted him.
In its report Friday, Best Buy revealed that it cut its loss to $409 million in the fourth quarter, or $1.21 a share -- substantially less than the loss of $1.82 billion, or $5.17 a share, from a year earlier.
In an interview with the Wall Street Journal, Best Buy CEO Hubert Joly said, "People who thought we were dead have to go through the painful process of revisiting that point of view."
According to Market Daily News, news that Best Buy's fourth quarter earnings beat analysts' estimates sent the stock soaring in pre-market trading Friday.
While pleased with the results, Joly cautioned that Best Buy is still in a "year of transition," the Market Daily News says.
The company said the layoffs represent "the first phase of this initiative, with additional reductions to come during the year."