Tag Archives: Best Buy

Best Buy Goes from Loss to Profit in Q1

Best Buy Posts Q1 Loss

MINNEAPOLIS-In a quarter that, according to President and CEO Hubert Joly, reflected continued progress in its turnaround effort, Best Buy posted net income of $461 million, compared to a net loss of $81 million in the first quarter of last year. Reduced expenses as a result of the retailer’s Renew Blue initiative offset a declineMore »

Sears Garners $500M in Lands’ End Spinoff, Names New Supply Chief

William Hutchinson

HOFFMAN ESTATES, Ill.-With the closing of its spinoff of the Lands’ End business on April 4, Sears Holdings received gross proceeds of $500 million. The proceeds consisted of a cash dividend paid by Land’s End to a Sears Holdings subsidiary prior to its spinoff. In the deal, Sears Holdings distributed about 32 million shares ofMore »

Best Buy Goes from Red to Black

Best Buy Posts Q1 Loss

MINNEAPOLIS-Ending a year of what it called “substantial progress,” Best Buy reported net income for both its fourth quarter and fiscal year ending on Feb. 1, as opposed to net losses for both periods one year ago. Fourth-quarter net income totaled $293 million, compared to last year’s net loss of $409 million. For the fiscalMore »

Resolutions for 2014

Duke_Ratliff

By Duke Ratliff With holiday shopping (and selling) in the rearview mirror, home furnishings executives can now focus on the year ahead. Here are a few resolutions for the new year that notable individuals and institutions can make to make it a successful 2014. Walmart’s new leaders Doug McMillon and David Cheesewright should resolve toMore »

Best Buy Net Skyrockets in Q2

Best Buy Posts Q1 Loss

MINNEAPOLIS-The cost reductions from its Renew Blue program, unveiled last November, plus an improvement in margin bolstered Best Buy to a 2,116.7 percent increase in second-quarter net income, which totaled $266 million. Renew Blue is the retailer’s transformational strategy geared toward increasing its sales and profitability. Hubert Joly, Best Buy’s president and CEO, said theMore »