Best Buy Co. ramped up cost-cutting during its fiscal first quarter as its retail revenue continued to slide. Online sales improved, however.
The Richfield, Minn., company reported another quarterly loss driven by weaker sales in its European business, which it recently shed. The company last month sold the rest of its stake in Best Buy Europe back to Carphone Warehouse Group PLC for about $775 million to help shore up its profitability.
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