Best Buy’s Quarterly Loss Is Reduced

Best Buy Co. reported a much narrower fiscal first-quarter loss as increased consumer confidence resulted in a strong revenue gain.

The nation’s largest consumer electronics chain said its net loss for the three months ended May 31 was $25 million, or 8 cents a share, compared with a loss of $333 million, or $1.02, a year earlier, when it took a $308-million charge related to the reduced value of its Musicland division and a $40-million charge tied to its Magnolia Hi-Fi chain. Revenue rose 11% to $4.67 billion from $4.2 billion.

The latest results included an “impairment loss” of $70 million and a $24-million charge from discontinued operations stemming from the sale of the company’s interest in Musicland Group Inc.