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Best Buy targets $1 bil in cuts

Consumer electronics chain Best Buy (BBY) raised its cost-reduction target to $1 bil, 38% higher than earlier, after it reported a 3% drop in Q4 sales to $14.47 bil, below analysts' $14.66 bil target. EPS minus items fell 20% to $1.24 a share, better than the $1.01 analysts polled by Thomson Reuters expected. On Wed., Best Buy reportedly told about 2,000 U.S. managers they were being laid off, which would be its biggest cut since July '12 as it trims costs. Shares fell 1% to 25.57.