Search for "SEC Live Filings Digest" to find out more.
Best Buy Company, Inc. (BBY) announced its financial results for the second quarter of fiscal year 2013, reporting net income of $266M. Last year this quarter the company reported $12M, with $0.04 earnings per share, as opposed to $0.77 per share this quarter. Comparable-store sales dropped 0.6%, a substantial move in the right direction from last year’s 3.3%. Best Buy has been exploring ways to increase profitability, by cutting costs and seeking efficiency gains. The company reported it cut $65M in costs this quarter while also reporting a $30M profit gain from legal settlements that occurred this quarter. In a bid to remain competitive with other companies like Amazon (AMZN), CEO Hubert Joly reduced prices to stimulate increased store traffic.