Business news briefs
Best Buy reports
Best Buy Co. reported a loss of $81 million, or 24 cents per share, for its fiscal first quarter as it sold its stake in Best Buy Europe and worked on a turnaround plan that included cutting costs and closing some stores. Revenue fell nearly 10 percent, to $9.38 billion. Best Buy has been working on a turnaround plan as it faces increased competition from online retailers and discount stores.
Home Depot sees
rise in 1Q profit
Despite a chilly and wet spring, Home Depot's first-quarter net income rose 18 percent, to $1.2 billion, or 83 cents per share, compared with net income of $1 billion, or 68 cents per share, in the same period last year. It said for the first time in years, business from builders and other professionals outpaced spending by consumers.
Herbalife said it has hired Pricewaterhouse- Coopers to be its new auditor. The company's previous auditor, KPMG, resigned last month after insider trading allegations surfaced against a rogue executive of the accounting firm. The former KPMG partner, Scott London, has been charged with conspiracy to commit securities fraud.
Sprint to weigh
offer from Dish
Wireless company Sprint Nextel said Japan's Softbank has waived provisions of its purchase agreement that prevented it from weighing a competing offer from Dish Network. SoftBank has a $20.1 billion deal with Sprint to buy 70 percent of the company. Dish last month offered $25.5 billion for the whole company.
ESPN to slash
ESPN says that it is eliminating some jobs. The sports media giant, a division of Disney, said it is implementing changes across the company to enhance its continued growth, "while smartly managing costs." The company would not say how many positions are being cut, but they include unfilled spots. ESPN has about 7,000 employees worldwide.
SAP wants to
hire the autistic
German software giant SAP plans to recruit people with autism to take make full use of their talents. Autism is a developmental disorder characterized by difficulties in communicating, but some with mild autism can perform complex mathematical tasks much better than the average population. SAP believes it can gain a competitive advantage through the effort.
top ABC award
Cameron Construction, a Utah-based commercial construction company celebrating its 40th year in business, was recently presented the Excellence in Construction Award at the Associated Builders and Contractors state convention for its renovation of the Radisson Hotel in downtown Salt Lake City.