Best Buy's interim CEO Mike Mikam says company needs to take 'bold actions' to ensure its future, will focus on investing in areas with highest returns

NEW YORK , May 22, 2012 () – Best Buy said Tuesday that its first-quarter net income fell 26 percent, hurt by restructuring costs. But adjusted results beat expectations. Here interim CEO Mike Mikam discusses how the Minneapolis company plans to address problems it is facing such as competition from online retailers and discounters.

Question: How do you prioritize some of the near-term challenges the company is facing?

Answer (Interim CEO Mikam): "We need to take bold actions. We are evaluating the strengths and weaknesses of the organization, of the business with an eyes-wide-open mentality. And as I said there will be no sacred cows. We're looking at investments that have been made, investments that will need to be made, and we're going to focus on those areas with the highest returns."

© 2021 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.