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Best Buy said in a statement it was removing the senior-most layer of its U.S. operations to create "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 Joly in a statement. A broader view of Joly's vision for the company will likely be unveiled at Best Buy's Nov. 1 analyst day meeting, when Joly plans to discuss his assessment of the business. Meanwhile, the company said it expects third-quarter net income to be "significantly below" last year, due partly to spending on staff training and a decline in revenue in stores open at least a year. In last year's third-quarter, net income excluding one-time items totaled 47 cents per share. But Best Buy has since changed its fiscal year calendar, so the periods aren't comparable. Analysts expect net income of 38 cents per share for the quarter ending in November. Shares fell $1.15, or 6.8 percent, to $15.77 in aftermarket trading, after ending the day up 5 cents at $16.92.
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