News summary: Best Buy’s CEO outlines plans

Updated: 11/13/2012 5:05 PM KSTP.com

JOLY TIMES: Best Buy’s new CEO Hubert Joly outlined plans to recharge the electronic retailer’s results at an analysts’ meeting on Tuesday, including improving store and online customer experiences, redesigning stores and cutting costs.

STOPPING THE SLIDE: Joly was tapped in August to reverse the struggling chain’s yearslong decline in its business as competition from online stores and discounters increases.

GROWTH AGAIN: Joly’s long-term goal is to grow the Minneapolis chain’s operating margin, the ratio of how much revenue a company keeps after costs and expenses, to 5 to 6 percent.

(Copyright 2012 by The Associated Press. All Rights Reserved.)