Best Buy Sees More Growth Ahead

Consumer electronics retailer Best Buy (NYSE: BBY) is no longer in turnaround mode. The company's successful transformation over the past five years has righted the ship, and now CEO Hubert Joly has his eye on growth.

Best Buy released new financial targets on Tuesday as part of its Best Buy 2020 strategy. This strategy calls for another $600 million of cost savings, on top of $1.4 billion already realized over the past five years, as well a sharper focus on growth areas like smart home products and tech support services. Best Buy believes that it can grow revenue and earnings at a respectable rate over the next three years, bucking the retail trend.

Image source: Best Buy.

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Source: Fool.com