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News Summary: Best Buy 4th-quarter loss narrows

Published on NewsOK Modified: March 1, 2013 at 10:49 am •  Published: March 1, 2013
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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.