Overseas growth will help Best Buy double its sales to $80 billion over the next five years, the company predicted at its annual shareholders meeting, held here last month on the retailer’s corporate campus.
According to a report in the Minneapolis Star Tribune, president/COO Brian Dunn said the goal was ambitious but doable, noting that Best Buy sales had doubled to $40 billion between 2002 and 2007.
The pronouncement capped an upbeat management presentation that emphasized the company’s ambitious international growth strategy, which includes store openings in Mexico and Turkey and a $2.1 billion joint venture with Britain’s Carphone Warehouse that is expected to close next week. The latter, which will accelerate store openings across Europe, will help Best Buy meet its lofty sales goal and achieve its objective of “owning the home,” said Bob Willett, CEO of Best Buy International.
For details on Best Buy’s fiscal first quarter performance visit www.TWICE.com.