Skip to main content
Updated:
Original:

Best Buy narrows losses in Q4, shows evidence of turnaround

Author:

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 week for Best Buy began on a low note as the company announced the layoffs of 400 employees at its corporate offices in Richfield as part of its "Renew Blue" transformation effort.

The company said the layoffs represent "the first phase of this initiative, with additional reductions to come during the year."

Next Up

D'Angelo Russell

D'Lo's late takeover helps Timberwolves win double-OT thriller

Russell caught fire to help the Timberwolves get back to .500.

Gopher Football

Gophers suffocate Badgers, reclaim Paul Bunyan's Axe

Minnesota picked up its first home win over the Badgers since 2003.

Meeker County Sheriff's Office

Boy, 6, run over after falling off trailer in Meeker Co. tree farm accident

He was airlifted to Hennepin County Medical Center with internal injuries.

Target store

Target unveils deals for 2-day 'Cyber Monday' event

The promotion kicks off Sunday, November 28.

Screen Shot 2021-11-27 at 9.59.30 AM

Edina police warn of recent burglary trend targeting garages and vehicles

The Edina Police Department is increasing patrols in affected neighborhoods in response to the trend.

Screen Shot 2021-11-27 at 9.03.06 AM

Charges: Man shot Uber Eats driver making a delivery in Cottage Grove

Otis Donnell Shipp was charged with second-degree attempted murder after turning himself in on Wednesday.

Screen Shot 2021-11-27 at 7.36.14 AM

Waterfront hotel in Duluth sustains damage in kitchen fire

Authorities estimate the damage at around $75,000.

Screen Shot 2021-11-27 at 7.15.18 AM

Large groups of thieves target 2 Twin Cities Best Buys on Black Friday

It bears similarities to the flash-mob style thefts seen recently in California.

Karl-Anthony Towns

Timberwolves' winning streak snapped at five games

The Wolves' bid for their longest winning streak since 2014 came up short.

Screen Shot 2020-08-14 at 6.45.53 PM

Teen arrested over fatal shooting of 5-year-old boy in Brooklyn Park

Police say the teen was filming a social media video while handling a gun.

Joe Biden

President Biden coming to Minnesota to promote Bipartisan Infrastructure Law

Tuesday's trip follows passage of the $1.2 trillion Bipartisan Infrastructure Deal.

Related