Report: Best Buy Plans to Double Sales in 5 Years
Minneapolis Best Buy Co. expects to double its sales to $80 billion in the next five years, president and COO Brian Dunn said at the company’s annual meeting on Wednesday, according to the Minneapolis/St. Paul Business Journal.
Best Buy doubled its revenue from $20 billion in fiscal 2003 to $40 billion in fiscal 2008. The company expanded from 679 stores to 1,314 during that time.
Best Buy anticipates revenue of $43 billion to $44 billion in fiscal 2009. It expects same-store sales to increase 1% to 3%.
In May, Best Buy entered a joint venture with Carphone Warehouse, which has more 2,400 stores in nine European countries. It anticipates opening its first European Best Buy stores later this year.
The retailer also plans to add stores in China and expand into Mexico and Turkey.
Bed Bath & Beyond posts 1Q earnings drop
UNION, N.J. Bed Bath & Beyond has reported net earnings of 30 cents per diluted share ($76.8 million) in the fiscal first quarter ended May 31, compared with net earnings of $.38 per diluted share ($104.6 million) in the same quarter a year ago.
Net sales for the fiscal first quarter of 2008 were approximately $1.65 billion, an increase of approximately 6.1% from net sales of $1.55 billion reported in the fiscal first quarter of 2007. Comparable-store sales for the fiscal first quarter of 2008 increased by approximately 0.8%, compared with an increase of approximately 1.6% in last year’s fiscal first quarter.
New site launches for Wal-Mart Marketside
BENTONVILLE, Ark. Wal-Mart has launched a new site for its Marketside concept at www.marketside.com.
The site includes information about the concept, which Wal-Mart said offers “a wide selection of complete meal solutions, fresh ingredients, and everyday favorites at affordable prices — all in one easy-to-shop store.” In addition, the site provides information on how to apply to positions within the stores and where the stores are located.