Best Buy (NASDAQ:BBBY) is targeting $50 billion in revenue by fiscal 2025, the company announced Wednesday morning ahead of a meeting with investors in New York.
The electronics retailer also said in a press release it plans to cut an additional $1 billion in costs over the next five years, while operating income over that time frame grows at a 5% rate.
For fiscal 2020, Best Buy is still targeting revenue to fall within a range of $43.1 billion to $43.6 billion.
BBBY previously had been calling for fiscal 2020 earnings per share to fall between $5.60 and $5.75, excluding one-time items. Sales at stores open at least a year have been forecast to rise 0.7% to 1.7%.
One analyst called Best Buy’s new financial targets "very attainable" and said they align with the firm’s "long-standing view that Best Buy will continue as one of the top performers in U.S. retail."
Analysts on average project Best Buy will earn between $5.60 and $5.86 per share this fiscal year, on sales of $43.39 billion.
For the third and current quarter, analysts have been calling earnings per share of $1.03, on sales of $9.7 billion.
CEO Corie Barry said ahead of the investor meeting that Best Buy plans to "double down" on its growth strategy, despite “disruption” in the industry. Barry just took over the CEO role in June, making her the first woman to lead the Minnesota-based company, and, at 44, the youngest female CEO in the Fortune 100.
Shares in BBBY dipped 29 cents to $67.44
Tech Insider
