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Justin Sullivan / Getty Images
Best buy
Co.
BBY -0.41%
said he planned to achieve an annual business turnover of $ 50 billion by 2025 and reduce costs by about $ 1 billion over the course of five years. coming years.
Last month, Best Buy announced disappointing sales for the second quarter and reduced its revenue forecast for the year, citing the impact of US tariffs on products made in China.
The Minneapolis electronics distributor announced on Wednesday that it planned to increase its annual business turnover from about 15% to 16% by 2025, while its forecasts for the fiscal year 2020 would establish between 43.1 and 43.6 billion dollars.
"In this next chapter, our goal remains business growth," said the chief financial officer.
Matt Bilunas
I said. "We are also confident that the initiatives we will introduce today, along with the ongoing focus on cost savings, will result in an increase in the operating profitability rate over a five-year period."
General manager
Corie Barry,
who took office in June after serving as chief financial officer of the company, told analysts last month that televisions, smartwatches and headphones would be subject to tariffs effective September 1.
Computer products, mobile phones and game consoles will be subject to tariffs scheduled for December 15, she said.
Best Buy has added services and invested in smart home products to reduce its reliance on new product releases. The company's stock has grown about 27% this year.
Write to Patrick Thomas at [email protected]
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