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Best Buy shares cratered nearly 8 percent Tuesday as the company unveiled a new set of financial goals for fiscal 2021.
The consumer electronics retailer is meeting with analysts later Tuesday at its first investor meeting in five years to discuss its next phase of growth.
Chief Executive Hubert Joly told CNBC its turnaround program, dubbed "Renew Blue," was aimed at fixing "what was broken" and now the retailer can focus on growth opportunities. Those include growing its connected home and smartphone businesses and piloting a service called Assured Living that will use technology to help adult children monitor their aging parents.
During the past five years, Best Buy reaped $1.4 billion in cost savings, but it is targeting $600 million in further savings by the end of fiscal year 2021.
On the top line, Best Buy is hoping to grow revenue by $3.6 billion over the next five years. It would bring enterprise revenue — or the total revenue for the U.S., Mexico and Canada – to $43 billion by the end of fiscal 2021 from $39.4 billion in fiscal 2017.
The company also is seeking to increase its fiscal year 2021 adjusted operating income to more than $1.9 billion, from $1.7 billion in fiscal 2017. It aims to grow adjusted earnings per share to between $4.75 and $5, which the company said represents an 8 to 9 percent compound annual growth rate from fiscal 2017.
In heavier-than-usual-trading, Best Buy shares fell nearly 8 percent, though at one point the stock sank as low as $52.51. The retailer's stock is up more than 25 percent this year, according to FactSet.