News Summary: Best Buy reports 2Q results

Best Buy 2nd-quarter net income rises on cost cuts, as company improves website

Associated Press

THE NEWS: Best Buy's net income rose in the second quarter, as the struggling electronics retailer slashed costs and worked to make its website more competitive.

THE CONTEXT: Best Buy Co. has been shuttering underperforming stores and revamping others to offset tough competition from discounters and online retailers. Under CEO Hubert Joly, the company has instituted a price-matching policy, opened more in-store areas for manufacturers such as Apple and Samsung and invested more to train employees.

WEB FOCUSED: The company is working improve its website by adding more search capabilities and product reviews by customers and adding ship-to-store options.

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