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.
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