Best Buy Says Q3 EPS Will be Below $0.47 vs $0.36 Est; Making Changes to Senior US Operations

In a move to make Best Buy more responsive to business opportunities and challenges, the company announced today a new leadership organization for its U.S. operations. The senior-most layer of the U.S. operation is being removed; resulting in a leaner structure intended to improve the company's agility. "One thing I have learned in helping turn companies around is that a business needs to have a nimble organization," said Best Buy President and CEO Hubert Joly. "Our new organization will help build a closer connection to our customers and front line employees, as well as accelerate our transformation." Effective January 1, 2013, Best Buy's operations in the U.S. will be structured around the following groups: o Two Channels - Online and Retail: While online continues to be overseen by Stephen Gillett, president of Digital and Marketing, Shawn Score is appointed to lead the U.S. retail channel. o Three Business Groups - Connectivity, Home and Services: Jude Buckley is promoted to head the Connectivity Business Group, succeeding Shawn Score, while Home and Services will continue to be led respectively by Mike Mohan and George Sherman. o Support functions, including Human Resources, Finance, Legal and Marketing, where there are no leadership changes.