Best Buy Shares Rise As Cost Cuts In A Weak Q4 Result In A Profit

By | Thursday February 27, 2014 @ 5:02am PST

The retail chain’s stock price is up more than 6% in pre-market trading after it beat the Street’s earnings estimates in its report on the otherwise dreary quarter. Best-Buy-logo110913182207-200x137Best Buy generated net earnings of $294M in the three months ending … Read More »

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Deadline Big Media 68 – The Charter Goes Shopping Podcast

By and | Friday January 17, 2014 @ 4:01pm PST

Deadline Big Media ep 68In this week’s podcast, Deadline’s executive editor David Lieberman and host David Bloom take up Charter Communications’ $61.3 billion bid for Time Warner Cable; the potential impacts of an appeals court ruling throwing out FCC net neutrality rules; a stalling home-entertainment industry and Best Buy’s bad holiday. They also look at the surprising shakeup at the top of Yahoo, coming as it does just a week after the company’s big CES shindig. Now at least one much ballyhooed hire departs 15 months later after arriving and there are reports that at least another top executive is out.

Listen to the podcast in your choice of audio formats here:
Deadline Big Media 68 (.MP3 version)
Deadline Big Media 68 (.M4A version)
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Best Buy Shares Hammered After It Reports Disappointing Holiday Sales

By | Thursday January 16, 2014 @ 7:47am PST

The stock is down 27.6% in early trading following a company report showing that its efforts Best-Buy-logo110913182207-200x137to match the prices of competitors including Wal-mart and Amazon backfired over the holidays. Sales at stores open at least a year fell 0.9% in … Read More »

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Best Buy, Walmart And Other Retailers Brace For Holiday-Season Price Wars

By | Tuesday November 19, 2013 @ 12:36pm PST

This is good news for consumers, but not so much for the electronics retailers who plan to engage in a dogfight for market share when it comes to selling smartphones, tablets, TV sets and other gadgets. WalmartRead More »

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Best Buy Agrees To Dedicate Store Space For Microsoft Products

By | Thursday June 13, 2013 @ 12:12pm PDT

The so-called store-within-a-store at Best Buy will offer Windows-based tablets and PCs, phones, Microsoft Office software, and Xbox consoles, the companies said today. Between this month and September the retail chain plans to allocate as much as 2,200 square … Read More »

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Best Buy Execs Vow To Make Major Updates In Online Retail Effort

By | Thursday June 6, 2013 @ 12:33pm PDT

Amazon’s had a big advantage competing with Best Buy‘s Web site: It seemed to be caught in “a 10-year time warp to 2002,” the retail chain’s global e-commerce and marketing President Scott Durchslag confessed in a remarkably frank presentation this afternoon to investors attending the Goldman Sachs dotCommerce Day. That’s about to change. Best Buy, which has 1B online visits a year, is “catching up to where the site should have been.” For example, the search engine has been overhauled to find exactly what the consumer wants, not something similar. The mobile app will tell people where to find the closest store, and what deals it offers. Best Buy also will create a a virtual currency that gives visitors points if they do things such as write a review or post a purchase to Facebook. The company plans to offer opportunities for people to read reviews written by friends anywhere on the Web, not just at the Best Buy site. Read More »

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Best Buy Shares Rise After It Unveils Plan To Create Samsung Storefronts

By | Thursday April 4, 2013 @ 7:44am PDT

The electronics and entertainment retailer’s investors seem to like the new plan to create Samsung Experience Shops at 1,400 Best Buy and Best Buy Mobile stores beginning this month. Best Buy shares are up about 8.7% in … Read More »

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Media Stocks Help Fuel S&P 500 Record

By | Thursday March 28, 2013 @ 4:44pm PDT

Media companies like CBS Corp and Netflix helped lead the charge for the large-cap stock index, which capped five months of gains today by finishing at 1,569.19, breaking a closing record originally set in October … Read More »

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Best Buy Takeover Effort Stalls But Shares Rise On Better Than Expected Q4 Results

By | Friday March 1, 2013 @ 6:39am PST

UPDATE, 9:10 AM: Best Buy founder Richard Schulze says in an SEC filing that the company rejected an offer that he made with support from “up to three leading private equity firms.” Although his effort might have helped to return the chain “to its position of market leadership,” he now believes Best Buy “deserves a chance to implement its own plan.” The owner of about 20% of the company’s stock “has not made any determination” about whether he will exercise his right to appoint two candidates to the board. “No one is more interested in the success of the Company than Mr. Schulze,” the filing says.

PREVIOUS, 6:39 AM: The stock is up 2.8% in early trading as investors adjust to the likelihood that Best Buy will continue to operate as a publicly traded company. The chain confirmed this morning that founder Richard Schulze did not submit a bid by the February 28 deadline. As a result it “will continue to focus on its transformation for the benefit of all its shareholders.” Best Buy’s earnings for the quarter that ended on February 2 apparently compensated for any disappointment, The company reported a net loss of $409M, an improvement from the $1.8B loss a year ago, on revenues of $16.7B, +0.2%. The top line beat analysts’ expectations for $16.3B. And adjusted earnings from continuing operations, at $1.64 a share, topped forecasts for $1.54. Best Buy says that domestic revenues, at $12.6B, fell 0.3%. The closing of 49 big box stores was “substantially offset” by a 0.9% growth in same-store sales as well as the addition of 129 Best Buy Mobile stand-alone stores. Domestic online sales were up 11.2% to $1.3B. Demand for mobile phones, tablets and e-readers and appliances exceeded the drop in sales for game consoles and digital cameras. Sales of DVDs and other entertainment continued to decline; they accounted for 12% of domestic revenues, down from 15% a year ago. On a same-store basis, entertainment sales declined 18.9%. Read More »

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Best Buy, Founder End Investment Talks

By | Thursday February 28, 2013 @ 10:42pm PST

Best Buy and founder Richard Schulze have ended talks whereby he and private equity investors were seeking three board seats in exchange for acquiring a minority stake in the consumer electronics giant, Bloomberg reported. Schulze wasn’t able to … Read More »

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Best Buy’s Holiday Sales Beat Expectations

By | Friday January 11, 2013 @ 5:11am PST

The retailer’s stock is up 5% pre-market after it disclosed that sales in the nine weeks ending January 5 fell just 0.4% vs the same period last year to $12.8B. Revenues at stores open at least a year were down … Read More »

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Deadline Big Media With David Lieberman, Episode 14

This week, Deadline Executive Editor David Lieberman and host David Bloom discuss economic studies suggesting that movie moguls really are being rational when they favor a good story and dependable director over lots of big stars; what’s happening with Richard Schulze’s efforts to buy back Best Buy, the struggling big-box retailer he founded; and whether Netflix should be worried about streaming service Redbox Instant now that it has announced a price point and content providers.

Deadline Big Media Episode 13 (MP3 format)
Deadline Big Media Episode 13 (M4A format)
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Best Buy Shares Fall After Founder Delays Possible Bid

By | Friday December 14, 2012 @ 7:52am PST

Richard Schulze wants to see Best Buy‘s holiday-season sales performance before he and his backers decide how to handle their potential bid for the consumer electronics chain. He and the company said today that they’ve extended … Read More »

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Best Buy Shares Soar On Report That Founder Is Preparing $6B Takeover Offer

By | Thursday December 13, 2012 @ 8:45am PST

The stock is up about 15% this morning after the Minneapolis-based company’s home town paper, the Star Tribune, reported that founder Richard Schulze will make “a fully financed offer” of as much as $6B for Best Buy ”by the … Read More »

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Deadline Big Media With David Lieberman, Episode 11

Listen to episode 11 of our audio podcast “Deadline Big Media, with David Lieberman.” This week, Deadline Executive Editor David Lieberman and host David Bloom discuss why Facebook is winning back some friends on Wall Street; why Big Media companies are going batty for baseball broadcast deals; how Black Friday may not be enough to pull Best Buy into the black, and what it may mean for Hollywood; and how the fall of Rise Of The Guardians in its opening weekend box office may be a challenge for DreamWorks Animation.

Deadline Big Media Episode 11 (MP3 format)
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Best Buy Shares Fall After It Reports Q3 Net Loss And Lowers Financial Guidance

By | Tuesday November 20, 2012 @ 5:21am PST

The stock price is down about 5% in pre-market trading after the consumer electronics and home entertainment retailer unveiled results that CEO Hubert Joly says were “clearly unsatisfactory.” Best Buy reports a net loss of $10M for the quarter that ended on November 3, down from a $156M profit in the period last year, on revenues of $10.75B, -3.5%. The revenue figure is just a hair ahead of the $10.73B that analysts expected. But the 4 cent net loss per share for continuing operations contrasts with the Street’s expectation for a 12 cent profit. Even without its previously announced restructuring charges — mostly for store closures — EPS would just be 3 cents a share. Best Buy says that sales at domestic stores open at least a year fell 4% with declines in notebook computers, gaming consoles, digital imaging, and television sets. The company believes that notebook and tablet sales were hurt as consumers waited for what it calls “major product launches” including Microsoft’s Windows 8 operating system. The slide at the bricks-and-mortar stores outweighed a 10% gain in online sales to $431M. Mobile phones, appliances, and tablets and eReaders were especially popular with online shoppers. All together, revenues for the domestic store unit fell 4.7% to $7.67B as operating income dropped 94% to $16M. Read More »

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Best Buy Stock Falls After Earnings Warning

By | Wednesday October 24, 2012 @ 4:10pm PDT

Best Buy warned late today that earnings and same-store sales would be lower in its third quarter that ends November 3. The electronics and entertainment software retailer also said the head of its U.S. business Mike Vitelli will … Read More »

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Best Buy Reaches Agreement With Founder Richard Schulze, Allows Pursuit Of Buyout

By | Monday August 27, 2012 @ 9:23am PDT

The agreement announced today clears the way for Richard Schulze to move forward with his plan to buy the consumer electronics chain and sent Best Buy shares up more than 7 percent to $18.55 in morning trading. … Read More »

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Best Buy Suspends 2013 Forecasts Amid Sharp Q2 Income Decline

By | Tuesday August 21, 2012 @ 6:03am PDT

Best Buy reported second quarter earnings Tuesday morning with net income down 91% to $12M, widely falling short of Wall Street estimates. Revenues were $10.55B, down 3% on the same period a year ago as bricks & mortar … Read More »

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