Welcome to our dedicated page for Best Buy Company news (Ticker: BBY), a resource for investors and traders seeking the latest updates and insights on Best Buy Company stock.
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 has partnered with Atrium Health to enhance hospital-level care in patients' homes, aiming to reduce emotional and financial burdens for patients and caregivers. This collaboration combines Atrium's telemedicine expertise and patient population of nearly 3 million with Best Buy's innovative services, creating a robust 'hospital at home' offering. The initiative focuses on utilizing community paramedics, virtual doctor visits, and advanced wearable technology to monitor vital signs. Best Buy's existing care at home platform, integrated with Atrium's clinical capabilities, is designed to improve patient outcomes and expand access to healthcare.
The Board of Directors of Best Buy Co. (NYSE:BBY) has declared a quarterly cash dividend of $0.92 per common share. This dividend is set to be paid on April 13, 2023, to shareholders who are on record as of March 23, 2023. As of January 28, 2023, Best Buy had 218,183,759 shares outstanding. This dividend announcement reflects the company's ongoing commitment to returning value to its shareholders.
Best Buy Co., Inc. (NYSE: BBY) reported a 9.3% decline in comparable sales for Q4 FY23, with total revenue dropping to $14.735 billion compared to $16.365 billion in Q4 FY22. GAAP diluted EPS was $2.23, while non-GAAP diluted EPS stood at $2.61. The company announced a 5% increase in quarterly dividends to $0.92 per share and provided FY24 guidance of non-GAAP diluted EPS between $5.70 and $6.50. Domestic online sales decreased by 13.0%. The company expects comparable sales to decline by 3% to 6% in FY24, especially in the first quarter.
Best Buy Co., Inc. (NYSE:BBY) has declared a quarterly cash dividend of $0.88 per common share, payable on January 3, 2023, to shareholders of record by December 13, 2022. As of October 29, 2022, the company had 225,216,862 shares outstanding. This dividend reflects the company’s ongoing commitment to return value to its shareholders.
Best Buy Co., Inc. (NYSE: BBY) reported a 10.4% decline in comparable sales for Q3 FY23, with revenues falling to $10.59 billion, down from $11.91 billion year-over-year. GAAP diluted EPS was $1.22, compared to $2.00 last year. The company raised its full-year guidance, expecting a comparable sales decline of approximately 10%. Domestic gross profit rate decreased to 21.9% due to reduced product margins and increased supply chain costs. Best Buy resumed share repurchases, planning to allocate $1 billion this fiscal year.
Best Buy has launched a new program named Upgrade+ in partnership with Citizens Pay, designed to make it more affordable for customers to purchase and upgrade to the latest Mac laptops, including MacBook Air and MacBook Pro.
The program allows financing over 36 months with payments starting as low as $19.99/month, followed by a final payment in month 37. Customers can choose to upgrade or return their device at the end of the term.
This initiative aims to enhance customer access to technology while promoting environmental sustainability.
The HealthTech Home project, initiated by the Brenda Strafford Foundation and Health Cities, aims to improve aging in place for seniors through innovative technology solutions in a residential setting. This initiative responds to the growing need for effective health support as Canada’s Baby Boomer generation ages. Best Buy Canada is the first technology partner, working to integrate consumer technology in a BSF-owned condo unit, ensuring older adults can age safely at home while monitoring their health. The project also establishes the HealthTech Home Innovation Council to guide policy and technology deployment.
The Board of Directors of Best Buy Co., Inc. (NYSE:BBY) has announced a regular quarterly cash dividend of $0.88 per share. This dividend will be payable on October 11, 2022, to shareholders on record as of September 20, 2022. As of July 30, 2022, the company had 225,065,760 common shares outstanding, indicating a solid commitment to returning value to shareholders.
Best Buy Co., Inc. (NYSE: BBY) reported Q2 FY23 results, revealing a 12.1% decline in comparable sales following a 19.6% growth in Q2 FY22. Total revenue fell to $10.33 billion from $11.85 billion year-over-year. GAAP diluted EPS decreased to $1.35 from $2.90. The company anticipates a comparable sales decline of around 11% for FY23. Despite challenges, Best Buy emphasizes its strong financial position and strategic initiatives to adapt to the shifting market.
Best Buy Co., Inc. (NYSE: BBY) announced its business updates for Q2 FY23, reflecting a decline in comparable sales expected to be around 13%. Despite a 7.5% increase in revenue compared to pre-pandemic levels, the results fall short of previous forecasts due to declining consumer demand amid high inflation. The company anticipates a non-GAAP operating income rate of approximately 3.7%, lower than earlier guidance. Best Buy plans to maintain its quarterly dividend of $0.88 per share while pausing share repurchases. Further updates will be provided with Q2 results on August 30, 2022.
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