Bestbuy Executive Summary
I decided to do an analysis of the BestBuy annual report. I picked BestBuy because I wanted to know how the company is doing financially. From this report, I found BestBuy financial report to be interesting. It showed how 2017 has provided to be a positive and exciting milestone for the company. According to a message by Chairman and CEO Hubert Joly, said the company has delivered strongly in 2017 three times in a role (Joy H, 2017).
The annual reports show how the company’s Domestic comparable sales and Non-GAAP operating income have continued to grow since 2015. Joy stressed that BestBuy increased its Non-GAAP operating income from 4 percent in previous years to 4.5 percent at capital level. The CEO also said that the earning shares increased by 28 percent from $2.78 in 2016 to $3.56 in …show more content…
Previously BestBuy had some challenges and started closing some of the stores in some locations. The StarTribune reporter Kavita Kumar reported that BestBuy closed two stores in Twin cities Blaine and Inver Grove height (Kumar K, p 2017).
BestBuy argued that it did not close the stores because they were not profitable but wanted to reorganize the refine the store's footprint. The StarTribune reports that Bestbuy said the mistake the company made was to open up many stores in order to compete with the now-defunct circuit city.
The company said it produced these results in 2017 because it executed its three major priorities it outlined in the beginning of the year. The priorities included building a strong multichannel capability, reducing cost, and advancing key initiatives that drive future growth.
The report shows that the company has stabilized its sales since the completion of the Renew Blue transformation strategy. The transformation started in 2012 and since, BestBuy has continued to increase its Non-GAAP operating income rate from 3.4 in fiscal 2013 to 4.5 in fiscal 2017 (bestbuy.com,
The annual reports show how the company’s Domestic comparable sales and Non-GAAP operating income have continued to grow since 2015. Joy stressed that BestBuy increased its Non-GAAP operating income from 4 percent in previous years to 4.5 percent at capital level. The CEO also said that the earning shares increased by 28 percent from $2.78 in 2016 to $3.56 in …show more content…
Previously BestBuy had some challenges and started closing some of the stores in some locations. The StarTribune reporter Kavita Kumar reported that BestBuy closed two stores in Twin cities Blaine and Inver Grove height (Kumar K, p 2017).
BestBuy argued that it did not close the stores because they were not profitable but wanted to reorganize the refine the store's footprint. The StarTribune reports that Bestbuy said the mistake the company made was to open up many stores in order to compete with the now-defunct circuit city.
The company said it produced these results in 2017 because it executed its three major priorities it outlined in the beginning of the year. The priorities included building a strong multichannel capability, reducing cost, and advancing key initiatives that drive future growth.
The report shows that the company has stabilized its sales since the completion of the Renew Blue transformation strategy. The transformation started in 2012 and since, BestBuy has continued to increase its Non-GAAP operating income rate from 3.4 in fiscal 2013 to 4.5 in fiscal 2017 (bestbuy.com,