Best Buy Reports $377 Million Net Loss in Q4, Schulze Makes No Buyout Offer

It is unfortunately safe to say that Best Buy has seen better days. Announcing their plan to let go of 400 employees from their headquarters on Tuesday, the big blue electronics supplier released another bit of bad news on Friday — their earnings for the 2012 fourth quarter.

According to an official release, Best Buy announced a net loss of $377 million on revenues of $16.7 billion in Q4, against an analyst expectation of $16.29 billion. CEO Hubert Joly commented on the profit decrease, stating that domestic sales offset the company’s failures overseas. However, cutting expenses with job cuts helped to narrow the Q4 losses towards the end of the quarter.

Its loss totaled something like $409 million or $1.21 per BBT share for three months before February, compared to a loss o $1.82 billion or $5.17 per share the year prior.

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

Light sockets; Not just for lights anymore

Light sockets; Not just for lights anymore

Smart Bulbs are out there and they can do far more then just provide light. Speakers, projectors, wi-fi extenders and more. The standard light socket that is wired up and ready to go in nearly every home in North America is now providing an easy and affordable option for home owners and renters alike to enter into the world of the "Smart Home". Here is a look at some of the Smart Bulbs and Smart Lighting options out there, and this list is just the beginning. In this ongoing article we hope to continue to add to and grow this list, so stay tuned!