Best Buy returned to a profit in the fourth quarter and topped Wall Street expectations as it cut costs to offset declining sales.
The specialty electronics retailer says it gained market share during the quarter.
Best Buy has been dealing with increased competition from online stores, notably Amazon.com, and discounters such as Walmart. Under CEO Hubert Joly, the company has tried to turn around results, revamping merchandise, training employees and cutting costs. But that hasn’t been enough to reverse a sales decline.News services