Retail Excellence 2013:: The Come Back Kid
After spending the last five years on the ropes, it looks like Best Buy is swinging its way back to the center of the CE ring. The heavyweight champ still has some major challenges to conquer before it hits prime shape, but the strategies and initiatives CEO Herbert Joly has put in place during the last 10 months (as part of his Renew Blue program) has set Best Buy on the right path.
“Clearly [the company] is in turnaround mode,” said Stephen Baker, NPD’s vice president of industry analysis consumer technology. “The mood around Best Buy is that it’s moving in a positive direction, instead of moving backwards, which was the perception 18 to 24 months ago.”
Highlights from the company’s 2014 fiscal year first quarter (ended May 4) and beyond—including a stock price that has jumped from a 12-month low of $11.20 to a high of $31.70 in early August—point to a company that’s both rebounding and struggling to overcome the same revenue and profit problems that plague many other retailers.