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Best Buy investor day preview

Published 09/19/2017, 09:09 AM
© Reuters. Best Buy investor day preview
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  • Best Buy (NYSE:BBY) issues a detailed update ahead of an investor conference presentation today.
  • The company says CEO Hubert Joly and other members of the executive team will discuss key insights gained from the company’s successful Renew Blue transformation, share the company’s analysis of the strategic landscape in which it operates and provide a closer look at key growth initiatives.
  • A key long-term target from Best Buy is to generate enterprise revenue of $43B in FY21 and non-GAAP operating income of $1.9B to $2.0B.
  • Some key snippets from the Best Buy update are posted below.
  • "Comparable sales and operating income rate are up, non-GAAP earnings per share have grown at a compound annual growth rate of 8 percent and total shareholder return over the last five years was 263 percent, ranking in the top 10 percent of S&P 500 companies."
  • "By the end of October, the company will enhance the smart home areas in all of its stores; roll out its Best Buy Smart Home Powered by Vivint home automation and security offering to 450 stores; and add 1,500 dedicated smart home employees."
  • "The company will seek to accelerate its growth by continuing to improve the customer experience within and across channels, more effectively addressing customer needs in underpenetrated categories and building its in-home channel."
  • "The company plans to make key investments in technology and people."
  • BBY +0.70% premarket to $57.75.
  • Source: Press Release
  • Now read: Best Buy Falters Despite Solid Earnings Report

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