The world's largest consumer electronics retailer Best Buy Co. Inc. (BBY) reported on Friday that the fourth quarter in fiscal 2012,the loss narrowed compared to the same period last year, which thanks to cost-cutting to offset the flat sales during the holiday shopping season, after adjusting the earnings was better than the market expectations.
In fiscal year 2012, the net loss of Best Buy was 249 million dollars, about 73 cents per share, less than the 1.32 billion dollars in the same period last year and 3.57 dollars per share.
Best Buy did not release the forecasts for the fiscal year, but said that the first quarter would be a heavy pressure, mainly due to the increased investment as well as changes as part of the sales time.
Earlier this week, Best Buy announced to lay off 400 people at its headquarters. The company said on Friday that this year would also announce more layoffs.
