Best Buy Co. Inc. on Sept. 25 announced its financial targets for fiscal 2025 as it provides investors an update about its ongoing growth strategy.
The electronics retailer is aiming for an enterprise revenue of $50 billion for fiscal 2025. The company expects a revenue of $43.1 billion to $43.6 billion for fiscal 2020.
Best Buy is also targeting non-GAAP operating income rate of 5% and $1 billion of additional cost reductions and efficiencies for 2025.
The company is set to announce the second phase of its Building the New Blue strategy and will provide a closer look at its growth initiatives and supply chain transformation.
"To support its Building the New Blue: Chapter Two strategy, Best Buy will invest to drive top- and bottom-line growth while remaining committed to continuing to create efficiencies that help fund these investments and offset potential pressures," the release said.
