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Best Buy CEO: We are ready to compete with Amazon after business turnaround

U.S. electronics retailer Best Buy Co. Inc. completed its five-year turnaround and the company is ready to compete with Amazon, as it has started to attract customers again, Reuters reported March 10, citing Best Buy's CEO Hubert Joly.

Despite the problems and changing market conditions in the retail sector, Joly believes that the market is not "winner-takes-all."

In the five-year turnaround, Best Buy invested in price-matching, quicker delivery, enhancing the search function on its website and improving customer service to attract customers to its stores and website, the report said. The company posted its best sales in a decade for the holiday quarter and beat estimates. Best Buy also increased its dividend by 32%. Best Buy's CEO added that the company "not only survived but thrived" in the period.

In September, Best Buy also announced its Best Buy 2020 strategy.