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Best Buy Company, Inc. (NYSE: BBY) is the leading provider of technology products, services, and solutions in North America. Serving consumers, small business owners, and educators, Best Buy offers expert service at unbeatable prices across its stores, via Geek Squad agents, and through its online platforms including bestbuy.com and the Best Buy app. With operations in the U.S., Canada, and Mexico, Best Buy ensures that over 70% of the population in these regions lives within a 15-minute drive of a Best Buy store.
In fiscal year 2023, Best Buy reported consolidated sales of $43.5 billion, making it the largest pure-play consumer electronics retailer in the U.S. The company holds approximately 8.3% of the North American market share, with a dominant 33% share of offline sales. The product categories driving these sales include mobile phones, tablets, computers, and appliances. Recent investments in e-commerce fulfillment have seen this channel grow significantly, now representing a mid-30% proportion of total sales.
Best Buy's workforce is a cornerstone of its success, recognized for their knowledge, passion, and commitment. The company offers a competitive pay structure, benefits, and rewards, including an industry-leading employee discount on the latest products. Best Buy is committed to environmental, social, and governance (ESG) issues, implementing programs like the Best Buy Teen Tech Center® network and various recycling initiatives.
Recent achievements include a strategic partnership with Bell Canada to rebrand 165 The Source stores to Best Buy Express, expanding Best Buy’s reach in Canada. Another notable collaboration involves FaZe Clan and SteelSeries, launching exclusive co-branded gaming products available at Best Buy locations across North America. Additionally, Best Buy has teamed up with Microsoft and Junk Kouture to promote e-waste recycling and sustainability, engaging young creatives in these initiatives.
Best Buy (NYSE: BBY) released its Q1 FY25 results, showing a 6.1% decline in comparable sales and a revenue decrease to $8.85 billion from $9.47 billion in Q1 FY24. GAAP diluted EPS increased 2% to $1.13, and non-GAAP diluted EPS rose 4% to $1.20. The company maintained its FY25 non-GAAP diluted EPS guidance of $5.75 to $6.20.
The domestic segment reported a 6.8% revenue decline, driven by decreases in appliance, home theater, gaming, and mobile phone sales. Gross profit rate improved to 23.4% due to better performance in services and laptop categories.
International revenue dropped by 3.3%, with a lower gross profit rate of 22.8%. The company returned $252 million to shareholders through dividends and share repurchases. Best Buy forecasts Q2 FY25 comparable sales will decline by approximately 3%.
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