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.
You can read the full report from the Best Buy press site, here.
In other BBY news, Thursday was the deadline for Best Buy founder Richard Schulze to submit a bid to buy back the company. He did not, meaning that the company’s future lies now in the hands of the Best Buy board of directors. “The company received no such offer and will continue to focus on its transformation for the benefit of all of its stakeholders,” said a company release, which can be viewed here.