UPDATE 1-Best Buy names exec to boost female customers

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LOS ANGELES, July 18 (Reuters) - Best Buy Co Inc (BBY.N) said it promoted Julie Gilbert, 37, to a senior vice president position.

She is charged with leading the electronics retailer's strategy to reel in more female customers.

Female consumers control an estimated $68 billion of the U.S. consumer electronics market, the company said in a statement. Electronics retailers have been under increased pressure to compete for customers against mass chains such as Wal-Mart Stores Inc (WMT.N) and Target Corp (TGT.N)

Best Buy last month reported quarterly earnings that missed Wall Street estimates by a wide margin and gave a disappointing full-year forecast as television sales cooled.

In her expanded role, Gilbert will continue to lead retail training and leadership development. She is also the head of the company's women's leadership forum, an employee resource group.

Gilbert, a seven year veteran of Best Buy, reports to Tim Sheehan, senior vice president of customer experience creation.

(Additional reporting by Dilipp S. Nag in Bangalore)