Best Buy appoints lululemon CFO Meghan Frank to board of directors

MINNEAPOLIS - Best Buy Co., Inc. (NYSE:BBY), a prominent player in the specialty retail industry with a market capitalization of $16.48 billion, announced Friday the appointment of Meghan Frank to its Board of Directors, effective immediately. According to InvestingPro data, the company maintains a "GOOD" financial health score and has consistently maintained dividend payments for 23 consecutive years.

Frank currently serves as the chief financial officer of lululemon, a position she has held since November 2020. At lululemon, she oversees finance, tax, treasury, investor relations, asset protection, facilities, planning and allocations, and strategy. Her appointment comes at a time when Best Buy demonstrates strong financial management, with cash flows sufficiently covering interest payments and operating with a moderate level of debt.

The retail executive brings more than 20 years of experience to Best Buy’s board. Prior to becoming CFO, Frank served as interim co-CFO beginning in April 2020 and as senior vice president of Financial Planning and Analysis when she joined lululemon in 2016.

Before her tenure at lululemon, Frank worked as vice president of merchandise planning at Ross Stores and spent nearly a decade at J.Crew in financial planning and analysis leadership roles.

"Meghan’s deep leadership experience across finance, merchandise planning and retail will be a key addition to our Board," said Corie Barry, chief executive officer at Best Buy, according to the company’s press release.

Frank expressed that she is "honored to join the Board of Directors of Best Buy" and looks forward to working with the board and management team.

The appointment comes as Best Buy continues to adapt its retail strategy in a competitive consumer electronics market. Frank’s extensive background in retail financial planning adds specialized expertise to the company’s governance structure. InvestingPro analysis indicates the company currently trades below its Fair Value, with 11 analysts having revised their earnings expectations downward for the upcoming period. For deeper insights into Best Buy’s financial health and future prospects, investors can access comprehensive Pro Research Reports available exclusively on InvestingPro, covering over 1,400 US equities.

In other recent news, Best Buy has reported a notable increase in its second-quarter comparable sales, marking its strongest performance in fourteen quarters. The electronics retailer saw a 1.6% rise in comparable sales, driven primarily by strong sales of the Nintendo Switch 2 and laptops. Analysts from UBS and DA Davidson have reiterated their Buy ratings on Best Buy, each setting a price target of $90.00, citing the company’s accelerating sales growth and positive trends across multiple product categories. Truist Securities raised its price target to $72.00 from $69.00, maintaining a Hold rating, acknowledging the impact of robust Nintendo Switch 2 sales on the company’s earnings. Piper Sandler has kept a Neutral rating with a $75 price target, emphasizing the strong performance despite tariff uncertainties. KeyBanc Capital Markets also highlighted the company’s positive sales growth, maintaining a Sector Weight rating. These recent developments reflect a broadening consumer interest in Best Buy’s diverse product offerings.

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