Best Buy aims to save $400 million over three years

CHICAGO (Reuters) - Best Buy Co Inc , the largest U.S. consumer electronics chain, said on Tuesday it will launch a new cost savings program in fiscal year 2016, beginning Feb. 1. Chief Executive Officer Hubert Joly said the company aims to save $400 million over three years. Best Buy reported a better-than-expected quarterly profit, helped by improved sales of higher-margin products such as large-screen TVs and mobile phones during the holiday shopping season. (Reporting by Nandita Bose; Editing by Jeffrey Benkoe)