Best Buy to double sales in five years

News

Ben Furfie Jun 26 2008, 10:34am

President announces goal at annual shareholders meeting; EU move vital to achieving it

We will double our sales over the next five years. That was the message Best Buy's president and chief operating officer Brian Dunn left the assembled crowd at the company's annual shareholder meeting on Wednesday.

The retailer, which currently has total group sales of $40 billion (£), is confident that the figure is achievable despite declining economic conditions with Dunn telling the audience that the goal was both "ambitious and doable".

Showing that the company has achieved the goal previously, he revealed that the firm had grown its sales from $20 billion in 2003 to $40 billion in 2008.

Central to this goal is the retailer's expansion into Europe, with international chief executive officer telling shareholders that that the move would not only provide the extra revenues needed to achieve the figure, but that it would also help towards the retailer's objective of "owning the home."

Best Buy currently controls around 20 per cent of the consumer electronics market in the US, and around 30 per cent of all computer sales.

Source: StarTribune