Best Buy Co. released its fourth-quarter earnings report early Thursday, posting a year-ending profit that exceeded Wall Street expectations, the Business Journal reports.
The Richfield-based company earned $293 million – or 83 cents a share – in the quarter ending Feb. 1, the publication says. Last year at this time, it posted a loss of $409 million ($1.21 per share).
Shares of the company were up nearly 8 percent following the release of the report, Investing.com says. The pre-market trade was up to $27.80 a share, an increase from a closing price of $25.82 on Wednesday, the publication notes.
The Post said about 500 field managers were notified of the cuts last week, while store-level managers are expected to get the news by next week. The paper didn't say if any employees in Minnesota would be affected.
The earnings report is a positive sign for Best Buy following soft holiday sales. Investing says the company’s fourth quarter revenue totaled $14.47 billion, falling short of forecasts for revenue of $14.66 billion.
"As we said in our holiday sales release, the fourth quarter was an environment of declining retail traffic, intense promotion, fewer holiday shopping days and severe weather," Best Buy President and CEO Hubert Joly said in a statement.