Best Buy's first investor meeting in two years comes as the electronics retailer faces headwinds from the Trump administration's trade policies on goods made in China.
On Wednesday, Best Buy will hold its first investor day in two years at the New York Stock Exchange. The retailer will update the financial community on how this strategy will evolve. It also will discuss its five-year financial forecasts, which include hitting $50 billion in revenue in fiscal year 2025 at a 5% operating income rate — implying a compound annual revenue growth rate of about 3%.
The most recent tariff list, referred to as List 4, levies a duty of 15%. Levies on a portion of the list went into effect on Sept. 1. These items include TVs, headphones and smartwatches. The rest of the list will go into effect on Dec. 15. Once it's determined what is subject to a tariff, Best Buy then considers how it might mitigate the costs, which is also a moving target.
"You're going to see here heading into holiday, it's actually going to be very hard to track directly through a perfect 10% or 25% tariff," Barry said.consumer confidence hit a nine-month lowWhile she saw the confidence reading, Barry said "there are so many underlying metrics that are still quite healthy. Unemployment is at 3.7%, there's really low wage growth continuing. You also saw the most housing starts we've seen in 11 years in August.
It wasn't that long ago that many wondered if Best Buy would suffer the same fate as one-time competitors Circuit City and Radio Shack. To do that, Best Buy had to survive the competition fromand changing consumer preferences. Barry's predecessor Hubert Joly took over in 2012 and led the company through a transformation to move it beyond being a showroom for Amazon.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
This Is the Best Dish Rack Money Can BuyWe tested 13 dish racks to determine which is the best at keeping your dishes—and your countertop—dry.
Read more »
The 25 Best Costco Liquors, Wines & Beers You Should BuyGrocery-store whisperer Katie Workman makes a case for stocking up on booze while you're at the warehouse.
Read more »
Healthcare May Eventually Become A Bigger Business For Best Buy Than Selling ElectronicsBest Buy is known as the largest U. S. specialty electronics retailer, but some day, it may be better identified with healthcare instead.
Read more »
Meghan and Harry Call Each Other the “Best Dad” and “Best Mum”At Monwabisi Beach on Tuesday, the couple participated in a group bonding activity and learned about some of the charities their Instagram already helped fund.
Read more »
CBD Cafes and Bars in London – Where to Buy CBD Food & Drink | LDNfashion
Read more »
Warren announces $10 million-plus ad buy in early statesThe campaign told POLITICO that a digital ad campaign would begin immediately and that the entire buy will ramp up over the next few months.
Read more »