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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 has selected Amazon Web Services (AWS) as its preferred cloud provider to enhance its digital offerings. This strategic partnership aims to accelerate Best Buy's cloud migration and innovation in customer experiences. AWS will provide cloud tech and training, supporting the hiring of 1,000 new technology employees, with an emphasis on diversity. The collaboration will enhance Best Buy's agile development model, enabling the company to respond quickly to evolving retail demands. Best Buy is committed to creating world-class digital experiences for its customers.
Best Buy has launched Best Buy Ads, an in-house media company designed to enhance customer product discovery through innovative advertising. With interactions occurring three billion times a year, Best Buy aims to leverage its deep customer insights for targeted messaging, ensuring it meets consumer needs effectively. The initiative also emphasizes diversity and inclusion, committing to spend nearly 10% of its annual media budget on BIPOC media by 2025 and creating career pathways for underrepresented groups in advertising.
The Board of Directors of Best Buy Co., Inc. (NYSE:BBY) has declared a quarterly cash dividend of $0.70 per share, set to be paid on January 4, 2022. This dividend is for shareholders on record as of December 14, 2021. As of October 30, 2021, the company had 243,762,453 shares outstanding.
Best Buy Co., Inc. (NYSE: BBY) reported Q3 FY22 results, revealing a 2.0% increase in domestic comparable sales, building on last year's 22.6%. The company's GAAP diluted EPS rose 35% to $2.00, while non-GAAP diluted EPS increased by 1% to $2.08. Best Buy raised its full-year enterprise comparable sales growth forecast to 10.5%-11.5%. Revenue for Q3 FY22 was $11.91 billion, a marginal increase from $11.85 billion in Q3 FY21. Online sales saw a decline of 10.1%, despite overall digital sales remaining strong. The company also announced a quarterly dividend of $0.70.
Best Buy announces the launch of its Black Friday deals starting on
In addition, Best Buy Totaltech members will receive exclusive deals.
Best Buy is gearing up for the holiday season with a revamped shopping schedule, including Black Friday deals starting on October 19. Customers can expect significant discounts on popular tech items such as a Samsung 70-inch 4K Smart TV priced at
Best Buy has launched its new Totaltech membership program nationwide for $199.99 annually. This program offers unlimited Geek Squad support, 24/7 VIP service, exclusive member pricing, and various product protection benefits. Members will also enjoy special deals during the holiday season, including access to hard-to-find products and exclusive Member Monday events starting October 18. Current members of related services will automatically upgrade to Totaltech membership.
Amazon and Best Buy have launched new smart TVs featuring Fire TV built-in from Pioneer and Toshiba. The Pioneer series includes 4K UHD options in 43” and 50” sizes, set to ship late September and early November, respectively. The Toshiba series features far-field voice capabilities via Alexa and will be available in larger sizes, launching in Spring 2022. This collaboration expands the existing range of over 80 Fire TV models since 2018, responding to increased consumer demand with millions sold and average ratings of 4.4 stars.
Best Buy is expanding its offerings with a new lineup of electric transportation products, including e-bikes, scooters, and mopeds. This collection features top brands like Unagi, Bird, Segway-Ninebot, SUPER73, and SWFT, available on BestBuy.com and select stores starting in October. Customers can take advantage of savings up to $300 during the upcoming Labor Day Sale, commencing on September 3. Additionally, Geek Squad offers home assembly services for select e-bikes for $99.99.
The Board of Directors of Best Buy (NYSE:BBY) has announced a quarterly cash dividend of
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