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Electronics retailer Best Buy cuts 950 jobs in Canada

American electronics retailer Best Buy announced Thursday it will lay off 950 staff at its struggling Canadian stores and focus more on its burgeoning online sales. The announcement followed reportedly dismal sales during the key Christmas holiday period, and increased competition from discount stores such as Wal-Mart and online retailers, including Amazon.com. "We have seen our online sales grow by more than 50 percent in the past year and new services such as in-store reserve and pick-up more than doubling," Best Buy Canada president Ron Wilson said in a statement.

Best Buy holiday sales fall, hurt by highly promotional retail environment, softness in US

MINNEAPOLIS - Best Buy said Thursday it had disappointing sales during the holiday shopping season, raising concerns about the consumer electronic retailer's ability to turn around its business. Shares tumbled 27 per cent on the news, showing that investors are increasingly worried about Best Buy's future. Best Buy's stock price had more than quadrupled last year, but had been down 7 per cent since the beginning of this year.

Best Buy's profit rises on cost-cutting, legal settlements; online sales help top expectations

MINNEAPOLIS - Best Buy's net income rose sharply in the second quarter, as the struggling electronics retailer slashed costs and worked to make its website more competitive. The nation's biggest specialty electronics company beat Wall Street expectations and its shares were up 10.5 per cent at $33.97, marking a two-year high. The shares had jumped more than 16 per cent before the opening bell.

Best Buy reports 1Q loss on restructuring costs, adjusted earnings beats expectations

MINNEAPOLIS - Best Buy Co. on Tuesday reported a loss in 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. Its adjusted earnings beat Wall Street expectations, but revenue fell short as the company faced tough pricing competition during the quarter. Its shares fell in premarket trading.

Best Buy withdraws from Europe, sells Carphone stake

US electronic goods retail giant Best Buy confirmed Tuesday it was withdrawing from Europe, selling its stake in the Carphone Warehose Group. A Best Buy statement said the company was selling its interest in a deal worth £500 million (590 million euros, $772 million), divided into a cash deal of £420 million and 80 million shares. fga/fz/rcw/arp
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