Key Best Buy Priority Is To 'Capitalize' on Ultra HD TV 'Cycle,' Joly Says

Large-screen TVs and mobile phones were the “primary drivers” of Best Buy’s year-over-year revenue growth, “and more than offset weakness in the tablet category,” CEO Hubert Joly said Tuesday on an earnings call. Best Buy’s priorities for the year ahead are to “capitalize on the ultra-high definition TV cycle,” and opening 20 more Magnolia Design Center stores-within-a-store to end the year with 78, he said. Best Buy also wants to grow its connected home and health and wearable businesses “to an optimized assortment and improved multi-channel customer experience,” he said. It also plans to “increase our branded exclusive and private label assortment,” and expand “our secondary market growth strategy to offer consumers better access to these types of products and improve our margin recovery on returns,” he said.