Best Buy Co., Inc. has appointed Meghan Frank, the chief financial officer of lululemon, to its Board of Directors, effective immediately. Frank brings more than two decades of experience and expertise in retail, finance, and planning. She was vice president of merchandise planning at Ross Stores and spent nearly a decade at J.Crew in financial planning and analysis leadership roles.
Best Buy's CEO, Corie Barry, expressed excitement about Frank's appointment, citing her deep leadership experience across finance, merchandise planning, and retail as a key addition to the Board as the company continues to evolve in serving customers and growing its business.
Frank's appointment comes as Best Buy continues to focus on delivering exceptional customer experiences and driving forward the company's growth strategy to create long-term value for all stakeholders.
This announcement follows the company's recent financial performance, where it reported a 5% increase in revenue and a 3% increase in net income compared to the same period last year. Additionally, the company saw a 7% increase in online sales and a 4% increase in comparable sales from the previous quarter.
Best Buy's strong financial results reflect its ongoing efforts to adapt to changing consumer preferences and enhance its digital capabilities to meet the evolving demands of the retail landscape. Following these announcements, the company's shares moved 2.42%, and are now trading at a price of $78.46. Check out the company's full 8-K submission here.
