Report: Best Buy Plans to Double Sales in 5 Years

Minneapolis Best Buy Co. expects to double its sales to $80 billion in the next five years, president and COO Brian Dunn said at the company's annual meeting on Wednesday, according to the Minneapolis/St. Paul Business Journal.

Best Buy doubled its revenue from $20 billion in fiscal 2003 to $40 billion in fiscal 2008. The company expanded from 679 stores to 1,314 during that time.

Best Buy anticipates revenue of $43 billion to $44 billion in fiscal 2009. It expects same-store sales to increase 1% to 3%.

In May, Best Buy entered a joint venture with Carphone Warehouse, which has more 2,400 stores in nine European countries. It anticipates opening its first European Best Buy stores later this year.

The retailer also plans to add stores in China and expand into Mexico and Turkey.