Best Buy praised as Amazon-era survivor in CNN Business profile

The retailer's much talked-about CEO shared some secrets in an interview with the network.
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Best Buy's big comeback in the face of online retail competition isn't just a Minnesota success story anymore – it's national news.

The Richfield, Minnesota-based retailer's survival is the subject of an extensive CNN Business profile of the company and its CEO, Hubert Joly.

The network notes that although Best Buy "was on the brink of collapse" six years ago, it has now become known as "last man standing" in consumer electronics, with competitors like Circuit City and Radioshack going extinct in recent years.

The dramatic turnaround is credited to Joly, the company's French chairman and CEO who pioneered a number of new initiatives to make Best Buy competitive in the age of Amazon. 

The main ingredient of his success? "Strengthening Best Buy's customer service," CNN Business says, pointing out that the retailer's ability to make face-to-face connections with customers is "a key advantage over Amazon."

"The result has been six straight quarters of comparable sales growth above 4%," CNN adds.

That's part of a larger winning streak of four consecutive years of full-year, comparable sales growth, and over the past couple of years, revenue has grown by more than $2 billion.  

Earlier this year, it was announced that Best Buy had beat not only Wall Street's expectations, but its own, with a giant 7.1 percent sales increase in the First Quarter.

The company credited sales of cellphones, appliances, computers, tablets and smart home products with driving that growth.

In May, it was reported that Joly had raked in a whopping $16.7 million as CEO over the previous fiscal year. That's roughly 699 times more than the median Best Buy employee pay of $23,980 for the year.

But there's an argument to be made that he's worth it, at least that's what the Business Journals argued last year when it was revealed Joly had earned $14 million.

It named him one of Minnesota's most "appropriately paid" CEOs, measuring CEO pay with a company's performance.

You can read CNN's interview with Joly by clicking right here.

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