Best Buy Inc Stock Price, News & Analysis

Best Buy Co., Inc. (NYSE:BBY) has appointed Sima Sistani and Melinda Whittington to its Board of Directors, effective immediately. Sistani, currently CEO of WW International, brings over 20 years of experience in media and technology. Whittington serves as President and CEO of La-Z-Boy, offering over 30 years of leadership experience in finance and retail. Both executives are expected to contribute valuable insights, helping Best Buy enhance its position and growth strategies. CEO Corie Barry highlighted their expertise in evolving businesses aligns with the company's goals in delivering technology-driven consumer experiences.

Yardbird, a premium outdoor furniture brand acquired by Best Buy in 2021, is expanding its presence by opening 11 new standalone showrooms across major U.S. cities, including Atlanta, Boston, and San Francisco. This expansion aims to showcase Yardbird's diverse offerings like sectional sofas and fire tables, along with personalized assistance from in-house designers. Yardbird focuses on sustainability by using recycled materials in its products and partnering with carbonfund.org to offset its carbon footprint. The new showrooms will enhance Best Buy's outdoor living options for customers.

Roku and Best Buy have formed a first-to-market partnership that includes exclusive in-store availability of Roku-branded TVs and enhanced advertising collaboration. The partnership allows Best Buy to offer first-party data for targeted advertising, optimizing ad performance for brands. Roku Select and Plus Series TVs are available exclusively at Best Buy, while the collaboration promotes a better consumer experience in streaming TV. An activation event at SXSW on March 11-12 will showcase this relationship further. This initiative aims to accelerate growth in the streaming TV sector, targeting advertisers' increasing investments in retail media networks.

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.