2024-03-14 16:09:02 ET
Best Buy Co., Inc. (BBY)
UBS Global Consumer and Retail Conference
March 14, 2024 01:00 PM ET
Company Participants
Corie Barry - Chief Executive Officer
Matt Bilunas - Chief Financial Officer
Mollie O'Brien - Head of Investor Relations
Conference Call Participants
Michael Lasser - UBS
Presentation
Michael Lasser
[Call Starts Abruptly] …and Retail Conference. I'm Michael Lasser, the UBS Hardline, Broadline and Food Retail analyst. This is probably the peak of our conference. Yes, we are super excited to have the team from Best Buy with us, a.k.a., superman and superwomen.
Corie Barry
Thank you.
Michael Lasser
On my immediate left, is Corie Barry, Best Buy's CEO. To her left is Matt Bilunas, and their eponymous, Head of Investor Relations, Mollie O'Brien, is also with us today. So, this is going to be a fun and wonderful conversation. Best Buy has had a legendary story within the retail sector. And part of the story is constant change. Such a dynamic area of retail, consumer electronics. And so, the success at Best Buy has been able to achieve over the years has due in part to its adaptability.
Question-and-Answer Session
Q - Michael Lasser
So now as you reflect on what an incredible past few years, it's been, what has Best Buy learned about its ability to remain agile, but still be relevant in this very dynamic world?
Corie Barry
Thank you, first of all. Thanks for being here. Our values were created by our founder, Dick Schulze, more than 50 years ago. And one of our values that he very presently laid out is learning from challenge and change. And he believed at that time, I still have a chance to chat with it pretty often. And he believed at that time that this was a dynamic industry. And also that in order to survive in retail, you would have to be incredibly adaptable. And so that value is imbued in how this company works. We still live by the same values that Dick laid out.
And so, I think in terms of learning, and that's only accelerated. So, let's be clear, it was true then, it's even more true now. I think in terms of learnings, there's a few things that were really important. First is, retail is not static. So, pretending like you have the answer that's going to work five years from now, that's not going to work. And then secondarily for our teams, helping reward them for adaptability versus perfection has become a huge part of how we keep trying to move with where our customer is going and where the industry is going.
And that -- I mean, sometimes that's hard because retail can be totally embedded in SOPs and like the perfection. And instead, I think we're trying to learn, which also means number three, you have to admit when it's not working and you have to course correct. And I think there's lots of opportunities that we've seen in the last four years that would say it didn't work perfectly the first time. We're going to course correct and move....
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Best Buy Co., Inc. (BBY) UBS Global Consumer and Retail Conference (Transcript)