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Best Buy's (BBY -3.6%) annual shareholder meetings (webcast) comes and goes without much meat on...
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Thursday, June 21, 2012, 3:17 PM ETBest Buy's (BBY -3.6%) annual shareholder meetings (webcast) comes and goes without much meat on the bone for investors for chew on. At the end of the day, management says they will try harder, P-E firms may or may not be kicking the firm's tires, and shareholders will see an extra penny of income per share.
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My interpretation and translation of the BBY management team's message to the shareholders below (tongue squarely in cheek):
"We will turn Best Buy into RadioShack come hell or high water. We will spend as much of our cash on hand as possible by increasing our dividend, expanding in overseas markets despite an impending global recession, and on training employees to oversell products to customers in an attempt to drive them from our stores. This will successfully reduce our cash position to make a LBO very unattractive and to protect the interim (soon to be permanent) CEO's first direct acquisition of stock in the company. It will also ensure that he gets another two years worth of compensation valued in the millions of dollars.
We will continue to market to senior citizens and target business groups that have no need or desire for our services because providing services to groups that didn't want or need them worked fine in the insurance healthcare industry and we see no reason to see why it won't work in retail.
And no, we're not going to take this opportunity to revise our yearly and quarterly guidance to something that's realistic, because we've been buying back our own stock and if we buy enough of it back, then maybe it'll skew the final EPS off enough to make folks think that we're actually going to turn this ship around.
Most importantly, we're not going to share any specific details of our future plans or any of the great service contracts we've executed, because to do so would mean you'd realize that we have no clue what we're doing. Don't blame us if things go south though because, the remaining senior management team and board of directors don't really have a background in retail."