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News Summary: Best Buy reports 1Q loss

The Associated Press

THE NEWS: Best Buy Co. on Tuesday reported a loss for its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores.

THE CONTEXT: Its adjusted earnings beat Wall Street expectations. The company has been working on a turnaround plan as it faces increased competition from online retailers and discount stores.

WHAT'S NEXT: The company did not give an earnings projection but said it expects tough price competition to continue in the second quarter.