Best Buy is taking several actions in response to the pandemic, temporarily furloughing some store employees, as sales remained mixed in March and April as the coronavirus spread.
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.
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.
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).
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.