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Looking ahead – as $BBY trades on expectations of future outperformance, not just executing on fundaments, analysts and investors are now focusing on Best Buy’s leadership team to translate it latest strategic programs financial results in terms of two simultaneous objectives: (a) higher revenue at (b) higher Non-GAAP Operating income rates.ģ-Points of Best Buy’s Growth-Value-Strategy Hypothesis that Proved True Mr Joly, and his management team, recognized this need for a slightly different direction (Read: The Next Tack, below). The financial results demonstrated a clear need to push-forward to higher levels of profitable growth through reinvention, new opportunities, and new categories. I like to think of theses as underlying (or hidden) growth and value opportunities that can push a company to the next level of operating performance while staying true to itself (e.g. This signaled the need for a new tack in strategy, something different, but something that would still harness Best Buys underlying strengths and assets.
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In the process, a need for change surfaced: Best Buy’s Domestic Non-GAAP Operating Income rate has roughly plateau’ed over the past 3 fiscal years (as observed in Full Year Domestic OI Rates starting in FY16). Accelerating-to-Near-Constant Domestic Non-GAAP Operating Income Rate.Problem 2: Decelerating, but positive Y-o-Y Domestic Non-GAAP Operating Income (OI) RateįY14 -to- FY15 was the watershed inflection point in Best Buy’s Turnaround, where (a) Domestic Comps turned positive, and (b) the rate-of-change of Domestic Non-GAAP OI accelerated in a positive direction.Problem 1: Negative Y-o-Y Domestic Comparable Sales.And given the maturing bull market we are entering, my bet is it will become increasingly important lesson for other CEO’s in the near future.
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Hubert Joly has conquered – and since 2012 his playbook, backed by favorable macroeconomic tailwinds in consumer spending – wrote a remarkable turnaround story that is the envy of many CEO’s. Best Buy, a Goliath in its own right, has felt the tremendous pressure of disruptive market forces, creative destruction, and formidable price competition. Joly’s leadership, has deservedly earned another place in the history books and will no doubt become Turnaround Case Study for other executives worthy of publication in Barron’s, Harvard Business Review, and arguably the growth rebels at FastCompany.ĬEO’s are judged, selected, heralded, and terminated based on the relative strength of their competitors. And they know they can’t do it alone – it takes unlocking the economic potential of their entire workforce to cultivate Staying Power.īest Buy, headquartered in Richfield, MN, is a Staying Power success story right in the backyard of the Minneapolis / St.
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They know how to systemically reinvent themselves, their companies, their products/services, and their talent pool.
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They see complacency as a quiet, erosive force that dilutes performance well before it appears in Statements of Cash Flows and Income Statements. Outperforming TMT’s teams intrinsically know they cannot rest on their laurels, they MUST write the next chapter – or it shall be written for them. I owe thanks to my Mom for instilling this Type-A trait in me, and how to temper it when it becomes counterproductive. I’m not sure where this falls in Korn Ferry’s skills inventory, or a Heidrick & Struggles leadership assessment, but I do know one thing: It works and it’s invaluable.
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And TMT’s with “Staying Power”, a/k/a the capability to consistently outperform over long periods of time, have a special place in my heart. I stand up and enthusiastically applaud Top Management Team’s (“TMT’s”) that have a propensity to outperform.