Best Buy (NYSE:BBY) announced that its loss in the fourth quarter dropped to $409 million, or $1.21 per share, from $1.82 billion, or $5.17 per share, in the same period last year. Revenue increased to $16.71 billion versus $16.67 billion in the same period last year. Excluding items, the company earned $1.64 per share.
Shares are higher in early trading.
The struggling electronics retailer has come under enormous pressure from online rivals such as Amazon.com (NASDAQ:AMZN), with consumers in many cases using the stores to view items, and then purchasing online from a competitor at a lower price in a concept known as “showrooming.”
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