September 25, 2019 / 11:13 AM / 2 months ago

Best Buy targets $50 bln in revenue in 2025

Sept 25 (Reuters) - Best Buy Co Inc is aiming to rake in revenue of $50 billion in 2025 as it adds new products and bolsters investments as part of the second phase of its growth plan, the biggest U.S. consumer electronics retailer said on Wednesday.

The company also said it expects adjusted operating income to grow 5% in 2025, compared with its current estimate of flat to slightly up.

“In this next chapter, our focus continues to be top-line growth,” Chief Financial Officer Matt Bilunas said in a statement.

The first phase of Best Buy’s “New Blue Growth” plan was started in 2017 by former Chief Executive Hubert Joly, who stepped down in April.

The company, which reaffirmed its full-year revenue forecast, also set a target of $1 billion in additional cost reductions for fiscal 2025.

“The initiatives we will outline today, along with a continued focus on cost reductions, will result in operating income rate expansion over the five-year timeframe,” Bilunas said.

Best Buy is set to kick off its investor meeting later in the day. (Reporting by Akanksha Rana in Bengaluru; Editing by Shailesh Kuber)

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