Best Buy Co Inc
Despite offering bigger discounts, the world's largest consumer electronics chain saw weak demand for gadgets in the holiday selling season.
Net loss was $1.7 billion, or $4.89 a share, for the fourth quarter ended March 3, compared with net income of $651 million, or $1.62 a share, a year earlier. Excluding charges, it earned $2.47 a share.
Sales rose to $16.63 billion, but fell way short of the analyst average estimate of $17.23 billion.
The retailer said it expects its restructuring efforts to save about $800 million in costs by fiscal 2015, including about $250 million in the current fiscal year.
(Reporting By Dhanya Skariachan; Editing by Gerald E. McCormick)