Best Buy aims to save $400 million over three years

Reuters

Tue, Mar 3, 2015, 8:28 AM

CHICAGO (Reuters) - Best Buy Co Inc (BBY.N), the largest U.S. consumer electronics chain, said on Tuesday it will launch a new cost savings program in fiscal year 2016, beginning Feb. 1.

Chief Executive Officer Hubert Joly said the company aims to save $400 million over three years.

Best Buy reported a better-than-expected quarterly profit, helped by improved sales of higher-margin products such as large-screen TVs and mobile phones during the holiday shopping season.

(Reporting by Nandita Bose; Editing by Jeffrey Benkoe)

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Best Buy aims to save $400 million over three years

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