BEST BUY INCREASES PROFIT BY 5%

Photo By Alvimann of Morguefile.com

Photo By Alvimann of Morguefile.com

I am sure we have all purchased a product from Best Buy. They have everything! The world’s largest electronics chain quarterly profits have increased due to expenses being cut from in store products and increased for online products. Chief Executive Officer Hubert Joly is working to cut $1 billion in annual costs. Which is an huge jump from the previous target of $725 million dollars. This was achieved by improving the company’s supply chain and reducing the number of products that get returned or damaged. Domestic online sales also increased 26% last quarter. This would be a great time to purchase stock. Today Best Buy stock increased 5%. This is a big improvement since the stock declined 37% last year. In 2013 online sales tripled due to great deals and savings not advertised in stores. The chain is going to invest in further production of advanced printer ink and new additions such as gift registry with hopes in continuing the profit increase. Online revenue should improve dramatically with these changes. Needless to say, the future of Best Buy seems extremely bright.

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