FILE - In this Thursday Nov 22, 2012 file photo, people wait in line for a Best Buy store to open in Northeast Philadelphia. Best Buy Co. says its fourth-quarter loss narrowed as it cut costs to offset nearly flat sales during the key holiday quarter. The financial results beat expectations and shares rose more than 6 percent in premarket trading. (AP Photo/Joseph Kaczmarek, File)
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FILE - In this Thursday Nov 22, 2012 file photo, people wait in line for a Best Buy store to open in Northeast Philadelphia. Best Buy Co. says its fourth-quarter loss narrowed as it cut costs to offset nearly flat sales during the key holiday quarter. The financial results beat expectations and shares rose more than 6 percent in premarket trading. (AP Photo/Joseph Kaczmarek, File)
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FILE -In this Monday, Nov. 19, 2012, file photo, Denise Smith-Lad, left, asks her grandson Jordan Smith, 6, what he would like to eat as they camp in front of a Best Buy store in Cockrell Hill, Texas. Best Buy Co. reported another dismal quarter on Tuesday, Nov. 20, 2012, recording a loss in the third quarter, hurt by a continued sales slump and charges related to restructuring. Shares fell 5 percent in premarket trading. The electronics chain is struggling to reverse a years long decline in its business as competition from online stores and discounters increases, and consumers' tastes shift from more profitable items like TVs and desktop computers toward less profitable smartphones and tablets. (AP Photo/LM Otero)
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FILE - This undated photo provided by Carlson Cos. shows Hubert Joly. Joly, Best Buy's CEO says it's time to embrace "showrooming." Ten weeks into the job, Joly says the consumer electronics chain's results have been unsatisfactory, and the company must work to stabilize sales trends and increase profitability. (AP Photo/Carlson Cos., StÈphane de Bourgies, File)
News Summary: Best Buy 4th-quarter loss narrows
THE NEWS:
Best Buy Co. said Friday that its fourth-quarter loss narrowed as better sales in the U.S. helped offset weakness abroad. The electronics chain also says a deadline passed without a bid from its co-founder,
Richard Schulze.
THE CONTEXT: Results show efforts by new CEO Hubert Joly to cut costs and make the chain more efficient appear to be paying off. U.S. revenue in stores open at least 14 months rose the most in 11 quarters and quarterly results beat expectations.
WHAT'S NEXT: The company plans to improve its website and make other cost-cutting moves.
Tags:
best buy, richard schulze, ceo hubert joly, stores, news summary, bid, friday, expectations, quarterly results, co., business, costs, efforts, fourth-quarter loss, deadline, better sales, quarters, weakness, co-founder, context, u.s. revenue, 4th-quarter loss, electronics chain, richard m. schulze, cost-cutting moves
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