Best Buy Co. on Tuesday reported a loss in its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores. Its adjusted earnings beat Wall Street expectations, but revenue fell short as the company faced tough pricing competition during the quarter. Its shares fell in premarket trading.
Best Buy is looking to exit Europe, selling its stake in its joint venture there to partner Carphone Warehouse Group PLC in a cash-and-stock deal valued at 500 million pounds (about $775 million).
Best Buy’s co-founder and former chairman Richard Schulze is returning to the Best Buy fold as chairman emeritus.
Best Buy Co. says its fourth-quarter loss narrowed as it cut costs to offset nearly flat sales during the key holiday quarter. It also says a deadline passed without a bid from its co-founder, Richard Schulze.
Officials with Best Buy, Inc., announced Tuesday they’re cutting costs and eliminating 400 jobs at its Richfield headquarters as part of a restructuring plan.
If the players weren’t quite battling it out during the Super Bowl, the ads certainly were.
Best Buy Co. has enlisted actress and comedian Amy Poehler to get its brand message across in a humor-focused spot during the Super Bowl XLVII.
Starting on Veteran’s Day, an American retailer says it will hire more than 100,000 returning veterans in the next five years.
Minnesota lawmakers are looking at putting a new tax on something near and dear to many: downloads.
Struggling consumer electronics chain Best Buy said Friday that a key revenue metric declined during the critical holiday season. But its flat performance in the U.S. was better than the past several quarters, and online revenue showed strong growth.
Second to the cart, the smartphone might be the most common shopping accessory.
Target Corp. said Tuesday that its pledge to match prices of select online rivals this past holiday season is now a year-round promise.
Authorities are looking for a man they believed stole a credit and used it to make purchases at several Twin Cities stores, including the Best Buy in Richfield.
He stands 6-foot-4-inches tall and weighs 261 pounds, but 24-year-old D’Aundre Reed is a boy at heart.
Best Buy shares fell on Friday after the struggling electronics retailer said it extended the window for co-founder Richard Schulze to make a buyout bid until after the holiday season.
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