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With new CEO Best Buy's future looks bright

Posted Jan 28th 2009 11:45AM by Brian White (RSS feed)
Filed under: Insiders, Employees, Best Buy (BBY)

When Best Buy, Inc. (NYSE: BBY) announced that CEO Brad Anderson would retire this summer, the obvious choice to replace him was current COO and President Brian Dunn. After all, Dunn is a Best Buy vet and has had a hand in making Best Buy the top consumer electronics retailer in the U.S. With Anderson and Dunn running the show, Best Buy rose past every competitor and held the larger mass merchants at bay.

The retailer has not had an easy time with the recent consumer spending slowdown, but its fundamentals are very solid and it retains a competitive advantage. Consumers continue spending money at Best Buy, and voting with dollars is a sign of success. Dunn will face one of the hardest times in Best Buy's history since consumers have tightened their collective purse strings. Still, he is the right pick and Best Buy's long-term future continues to be very bright, the current retail malaise not withstanding.

Continue reading With new CEO Best Buy's future looks bright

Circuit City shares fall 15% after quarterly loss

Posted Dec 19th 2006 3:15PM by Brian White (RSS feed)
Filed under: Earnings Reports, Rumors, Products and Services, Best Buy (BBY),

The nation's second-largest consumer electronics chain saw its shares tumble 15% today after the retailer unloaded quarterly results that fell well below expectations. Circuit City Stores, Inc. (NYSE:CC) posted an actual quarterly loss and brought up market warnings that holiday spending may not materialize in the end as expected.

CC shares dropped to $19.55 per share on Instinet before the market opened after having closed at $22.76 on the NYSE Monday afternoon.

Circuit City really did not take rival Best Buy Co., Inc. (NYSE:BBY) with it as it plunged, but BBY shares also traded lower today, down 2.7% at about $48 per share from Monday's market close of $49.34 on the NYSE.

Will both consumer electronics retailers see slower-than-expected holiday sales this season? We are just under a full week before the biggest gift-giving holiday of the year, and January sales numbers will probably tell the tale. I am sure the Street will be closely watching what materializes...or doesn't.