US-based consumer electronics retailer Best Buy has recorded a net loss of $249m for the 12-month period of the 2012 fiscal ended 2 February 2013.
The losses, however, have declined from $1.3bn reported in the previous year.
Best Buy president and CEO Hubert Joly noted that the adjusted free cash flow for the year reached $965m for the year on the back of aggressive inventory reduction and laying of greater focus on working capital and cash management.
Revenues for the year totaled $49.6bn; declining 0.8% when compared to $50bn in revenues for the 2011 fiscal.
Online segment of the company has increased 11.2% in the fourth quarter of the fiscal, as against 25.4% in the corresponding quarter of 2011.
During the quarter, the retailer also reduced losses to $409m from $1.8bn in the similar period of fiscal 2011.
"Fourth quarter Domestic comparable store sales increased 0.9%, with an overall 10 basis point decline in the gross profit rate.
"These results were driven by a compelling assortment of new products in key growth categories, increased "blue-shirt" training and higher customer engagement in our retail stores, and impactful ‘traffic-generating’ marketing activities," added Joly.
Best Buy EVP, CAO and CFO Sharon McCollam noted that looking ahead the company will remain further focused on driving operational improvements in its international business as well.
The improvements will be made in the spheres of online, mobile and the multi-channel customer experience.
