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MarketScreener Homepage  >  Equities  >  Nyse  >  Best Buy Company    BBY

BEST BUY COMPANY

(BBY)
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Real-time Quote. Real-time Cboe BZX - 04/25 02:37:14 pm
74.01 USD   -0.91%
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Best Buy : replaces turnaround chief Joly with longtime CFO

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04/15/2019 | 02:24pm EDT
US-BEST-BUY-CEO

(Reuters) - Best Buy Co Inc on Monday named Chief Financial Officer Corie Barry as the company's chief executive officer, the first woman to lead the consumer electronics retailer in its 53-year history.

Barry, who joined Best Buy in 1999 and went on to become its finance chief in 2016, will become the company's fifth CEO when she takes over from Hubert Joly, who will step aside to become executive chairman in June.

Barry along with Joly, a restructuring expert, turned around the struggling retailer that had been dogged by falling same-store sales and a takeover battle with founder Richard Schulze.

She has also held several operational roles in her tenure, including heading the integration of health services provider GreatCall Inc, which Best Buy bought last year for $800 million.

But much credit goes to Joly who, despite lacking a retail background, was instrumental in beefing up the company's website, delivery options and tech support services making it a formidable force in a world increasingly dominated by Amazon.com.

Under Joly, the company has also placed emphasis on membership services like its "Geek Squad" tech support to boost margins as the importance of matching prices with online competition becomes ever more essential to keep customers visiting its stores and website.

In Joly's near 7-year tenure as CEO, Best Buy's same store sales have risen for the past five years, while its shares have grown four-fold.

However, after announcing the move, Best Buy's shares fell as much as 1.2 percent in morning trading.

"Investors appreciate the amazing job Hubert has done for the last eight years and the downtick reflects some fear of change," Wedbush analyst Michael Pachter said.

Incoming CEO Barry, on a call with the media, said she would continue Best Buy's business strategy without any major shifts or leadership changes.

Joly on the call said he would continue to advise Barry on key matters such as mergers and acquisitions, as he sits right across the hall from Barry's office in Richfield, Minnesota.

Telsey Advisory Group's analyst Joseph Feldman said, "She is a strategic thinker who helped develop the turnaround strategy with current CEO Hubert Joly and has been at his side laying the plan for the future."

"If ever there was a CFO suited to be CEO, it is Ms. Barry."

(Reporting by Uday Sampath and Nivedita Balu in Bengaluru; Editing by Shailesh Kuber)

By Uday Sampath Kumar

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Financials ($)
Sales 2020 43 534 M
EBIT 2020 2 016 M
Net income 2020 1 493 M
Finance 2020 762 M
Yield 2020 2,69%
P/E ratio 2020 13,10
P/E ratio 2021 12,46
EV / Sales 2020 0,44x
EV / Sales 2021 0,42x
Capitalization 19 716 M
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Technical analysis trends BEST BUY COMPANY
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 26
Average target price 75,1 $
Spread / Average Target 2,0%
EPS Revisions
Managers
NameTitle
Hubert Joly Chairman, President & Chief Executive Officer
Corie Sue Barry Chief Financial Officer
Brian Tilzer Chief Digital & Technology Officer
Kathleen J. Higgins Victor Independent Director
Lisa Maria Caputo Morris Independent Director
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