Dive Summary:

• Best Buy is reporting a first-quarter net loss of nearly $81 million as the popular electronics merchant lowers prices and restructures to compete with ecommerce merchants.
• “The magnitude of the gross margin decline is likely to give investors pause around the pace of the overhaul,” states Colin McGranahan, analyst for Sanford C. Bernstein & Co.
• One factor contributing to the loss is Best Buy’s current "price match" policy instituted by new CEO Hubert Jolly, appointed in September 2012.

From the article:

“For all of Best Buy’s attractiveness, it’s speculative,” said Jerry Bruni, who manages about 337,000 Best Buy shares as founder and chief investment officer of J.V. Bruni & Co. inColorado Springs, Colorado. “They are making all the right steps. But it’s really early in the game in terms of an operational turnaround.”