Best Buy released its first quarter 2013 earnings on Tuesday and noted a net earnings loss of $81 million, representing a loss of $0.24 per share. The big box retailer said international revenue of $1.4 billion declined 9.6 percent over the same quarter last year and that domestic revenue of $7.98 billion also fell 9.6 percent over the same quarter last year. Domestic store sales were also down 1.1 percent. Best Buy blamed that figure on the Super Bowl’s shift to the fourth quarter of this year, which has a huge impact on the company’s TV sales.
“Looking ahead, we remain focused on making progress on our Renew Blue priorities announced last November and reiterated in March,” Best Buy president and CEO Hubert Joly said. “During the second quarter, we will, in particular, complete the deployment of the Samsung Experience Shops and make significant progress in our efforts to optimize the allocation of our retail floor space to more attractive product categories, so as to increase revenue and operating profit per square foot.”
Best Buy is placing big nets on its “Renew Blue” program, which is essentially the name given to its plan to turn the company around through improving customer experiences and focusing on attracting better employees.
The company said it’s still on track to sell its 50 percent interest in Best Buy Europe, the firm’s joint venture with Carphone Warehouse. Best Buy is selling its stake for about $775 million.