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.
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.
The Board of Directors of Best Buy Co., Inc. (NYSE:BBY) has declared a quarterly cash dividend of
Best Buy Co., Inc. (NYSE: BBY) reported a significant revenue decline in Q1 FY23, with total revenue of $10.6 billion, down from $11.6 billion in Q1 FY22. Comparable sales decreased by 8.0%, influenced by a slowdown in several product categories. GAAP diluted EPS stood at $1.49, a drop from $2.32 a year earlier. The company revised its FY23 guidance, predicting revenue between $48.3 billion and $49.9 billion, and a comparable sales decline of 3.0% to 6.0%. Shareholder returns included $654 million in share repurchases and dividends during the quarter.
Best Buy has launched a new Standalone Haul-Away service enabling customers to recycle their old tech directly from home, marking a significant step in their sustainability efforts. This service, available for
The Board of Directors of Best Buy Co., Inc. (NYSE:BBY) has declared a regular quarterly cash dividend of
Best Buy Co., Inc. (NYSE: BBY) reported a 2.3% decline in Q4 comparable sales, down from 12.6% growth in Q4 FY21. The Q4 revenue totaled $16.4 billion, impacted by constrained inventory and reduced store hours due to Omicron. GAAP diluted EPS was $2.62, while non-GAAP diluted EPS was $2.73. For FY23, Best Buy expects diluted EPS between $8.85 and $9.15 and projects FY25 revenue of $53.5 billion to $56.5 billion. The company announced a 26% increase in its quarterly dividend to $0.88 per share.
Best Buy (NYSE: BBY) is set to present at the BofA Securities Consumer and Retail Technology Conference on March 8, 2022, at 8:50 a.m. Eastern Time. The event will be accessible via a live webcast at www.investors.bestbuy.com both live and post-event. For further inquiries, contact Mollie O’Brien for investors and Carly Charlson for media.
Best Buy (NYSE: BBY) will announce its Q4 FY22 financial results on March 3, 2022, prior to market opening. A video webcast is scheduled from 8 a.m. EST to 10:30 a.m. EST, where the executive team will disclose quarterly results, strategic updates, and future financial targets. A Q&A session will follow the main presentation, allowing for further engagement. Investors can access the live event and its recording at www.investors.bestbuy.com.
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