In an investment presentation, Best Buy highlighted the progress made on its Building the New Blue growth strategy, detailing how it plans to move forward with the initiative, with an emphasis on customer relationships and “winning the home,” as well as discussing the company’s long-term financial outlook.
Corie Barry has officially taken the helm of Best Buy, becoming the fifth CEO in the company’s 53-year history. She replaces Hubert Joly, who led the company through a successful turnaround over the past seven years and will now become executive chairman as part of a planned leadership transition.
Tech-focused e-retailer Newegg, which extends into more than 80 countries, has added 29 countries to its global network. The company unveiled the expansion during its Newegg Seller Summit, which is part of London Tech Week.
Hubert Joly, who is exiting the CEO role, said that the first quarter represented “a good start” to the Best Buy fiscal year.
Market research firm Numerator analyzed Amazon private label initiatives, and the company’s 135 own and 330 exclusive brands, determining that consumables are primed for growth even if 58% of sales occur in electronics, with Alexa-enabled products leading the pack.
Rent-A-Center has agreed in principle to settle all litigation with Vintage Capital Management, and B. Riley Financial relating to the company’s termination of an agreement and plan of merger last year with certain affiliates of Vintage Capital.
Starting this Saturday, December 1, Best Buy is kicking off its “20 Days of Doorbusters” promotion.
For the third quarter ended November 3, when comparable sales in the U.S. increased 4.3%, Best Buy posted net earnings of $277 million, or 99 cents per diluted share, versus $239 million, or 78 cents per diluted share, in the year-before period.
Bluestar Alliance has closed its acquisition of the Brookstone brand. The company said that, participating in the acquisition, is Apex Digital Inc., a U.S. consumer electronics company that will operate the Brookstone website and airport stores.
Best Buy has appointed Cindy Kent, a health care executive, to its board of directors, effective immediately.
Sharper Image has appointed Lance Reese as chief executive officer.
Best Buy beat Wall Street estimates with a solid performance in the second quarter, with comps driven by strong electronics product demand and what the company termed a favorable environment.
Artificial intelligence (AI), voice-recognition technology and fast connectivity will help spur overall U.S. consumer technology industry revenue to $377 billion in retail revenues in 2018, a 6% increase, according to the Consumer Technology Association (CTA).
Vintage Rodeo Parent, an affiliate of Vintage Capital Management, will acquire all outstanding shares of Rent-A-Center common stock for $15 per share in cash.
First quarter retail segment sales at Conn’s were down slightly, but company officials noted positive movement toward the end of the quarter driven by growth in comparable store sales in April.
Conn’s, Inc. has closed its amended and restated $650 million asset-based revolving credit facility.
Noting strong results across all channels and geographies, Best Buy reported better-than-expected results for the first quarter ended May 5.
Best Buy is launching a new branding campaign. The campaign kicks off following several years of a turnaround plan and as the electronics retailer looks ahead to its Best Buy 2020 growth strategy.
Jet.com is now an authorized reseller of Apple products and accessories.
Rent-A-Center was hit by costs associated with a strategic repositioning and weather effects during its first quarter.