Best Buy Co. lost less money in the fourth quarter as efforts by new CEO Hubert Joly to make the company more efficient showed glimmers of paying off.
The struggling electronics chain also said Friday that it did not receive a buyout bid from co-founder Richard Schulze by a Thursday deadline, eliminating one question mark that had been hovering over the Minneapolis company.
The retailer’s fourth-quarter results beat expectations, but Best Buy gave a cautious outlook on the first quarter because it is ramping up investments and the timing of some sales has changed from last year.
U.S. revenue in stores open at least 14 months rose 0.9 percent, the best performance in 11 quarters, Joly said.
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