Best Buy CEO outlines turnaround plans

(AP) Best Buy CEO says it's time to embrace showrooming.

Ten weeks into the job, Hubert Joly (HYOO'-behr joh-LEE') says the consumer electronics chain's results have been unsatisfactory, and the company must work to stabilize sales trends and increase profitability.

In a meeting with analysts Tuesday, he outlined a plan to cut costs, rethink store sizes and improve customer satisfaction in stores and online. He also says Best Buy must convert people who come into stores to showroom or check out products to buy them cheaper online into buyers.

The struggling electronics chain, which is based in Minneapolis, tapped Joly in August to reverse a decline in its business. Competition is increasing from online stores and discounters, while the weak economy has sapped demand.