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Best Buy Sees Growth By Studying Shoppers; 'Customer-centric' tack; helps chain boost sales in a competitive market.(INDUSTRY SNAPSHOT)(Q & A)
Byline: PATRICK SEITZ
Best Buy executives credit much of their company's recent success to a new strategy: They're shifting from a product focus to a customer focus.
The Richfield, Minn.-based company is zeroing in on the needs of its core customer groups. That's no small feat for the nation's biggest consumer electronics dealer. Best Buy operates more than 840 stores in the U.S. and Canada and has annual sales of $28 billion.
In the quarter ended May 28, Best Buy earned 51 cents a share, up 82% from a year ago. Sales rose 12% to $6.1 billion. Analysts had expected Best Buy to post earnings of 30 cents a share on sales of $5.98 billion.
Best Buy also raised its earnings guidance for fiscal 2006 to a range of $3.10 to $3.25 a share, up from the prior guidance of $2.95 to $3.10. That would translate to EPS growth of 8% to 13% over last year.
Best Buy officials say the company's "customer centricity" strategy already is paying off.
U.S. Best Buy stores that converted to the customer-centric operating model last October have delivered twice the comparable store sales gain and a higher gross profit rate.
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