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Best Buy tops Street as Q4 loss narrows; buyout talks with founder Schulze end
Minneapolis -- Best Buy Co. said that its loss narrowed in the fourth quarter, helped by improved U.S. sales. In a separate release, the company said that the deadline passed without it having received an acquisition offer from its co-founder, Richard Schulze, who had been considering making a bid for the chain.
“The company received no such offer and will continue to focus on its transformation for the benefit of all of its stakeholders,” Best Buy said in a statement.
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Best Buy's not singing the blues
Fourth quarter same store sales inched up 0.9% at Best Buy and profits were better than expected as the company fared better during the holiday season than many thought.
Fourth quarter revenue increased slightly to $16.7 billion for the 13 week period ended February 2, and the company reported adjusted earnings per share of $1.64 compared to $2.18 the prior year. The company also said adjusted free cash flow totaled $965 million thanks to aggressive inventory reductions.