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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 Co., Inc. (NYSE: BBY) reported robust Q2 FY22 results, with enterprise comparable sales increasing by 20% and GAAP diluted EPS rising 76% to $2.90. Revenue reached $11.85 billion, a 20% increase from the previous year. The company has raised its full-year sales growth outlook to 9% to 11%, up from 3% to 6%. Online sales, however, fell 28.1%. For Q3 FY22, Best Buy expects revenue between $11.4 billion and $11.6 billion with a comparable sales decline of -1% to -3%.
Best Buy has committed up to $10M to Brown Venture Group LLC's inaugural fund aimed at supporting Black, Latino, and Indigenous technology entrepreneurs. This commitment is part of Best Buy's broader strategy to spend at least $1.2 billion with diverse businesses by 2025. The partnership emphasizes collaboration with communities of color to foster economic growth and innovation. Brown Venture Group, established in 2018, aims to raise $50 million to invest in underrepresented entrepreneurs and will leverage local startup talent for investments across various tech industries.
Amazon (NASDAQ: AMZN) and Best Buy (NYSE: BBY) unveiled the Insignia F50 Series Fire TVs, enhancing their three-year collaboration. The new TVs feature 4K Ultra HD resolution, Dolby Vision HDR, and integrated Alexa for a superior entertainment experience. With millions of TVs sold and an average rating of 4.4 stars, the Insignia line continues to be a market favorite. Customers can also benefit from a new in-store pickup option for online orders at Best Buy, further simplifying their shopping experience. The F50 Series will be available at Best Buy and Amazon later this summer.
Best Buy has announced a commitment to spend at least $1.2 billion with BIPOC and diverse businesses by 2025. This initiative includes increasing spending in various sectors, dedicating 10% of its annual media budget to BIPOC media, and ensuring that 30% of paid advertising features diverse representation. Additionally, Best Buy aims to support BIPOC businesses through its retail capabilities and by partnering with organizations that promote BIPOC representation in tech. This pledge follows previous commitments to address racial and social equity.
The Board of Directors of Best Buy Co. (NYSE:BBY) has announced a regular quarterly cash dividend of $0.70 per common share. This dividend will be paid on July 8, 2021, to shareholders on record as of the close of business on June 17, 2021. As of May 1, 2021, there were 250,407,343 shares of common stock outstanding.
Best Buy (NYSE: BBY) reported strong financial results for Q1 FY22, ending May 1, 2021. Revenue reached $11.64 billion, a 36.6% increase from $8.56 billion in Q1 FY21. Operating income rose to 6.6% of revenue, with GAAP diluted EPS at $2.32 vs. $0.61 a year ago. Comparable sales surged 37.2%, driven by high demand for technology products. The company raised its FY22 comparable sales growth outlook to 3%-6%. Q1 FY22 saw online revenue increase by 7.6%, yet it represented a smaller portion of total sales compared to last year.
Best Buy Health has launched the Lively Smart, a user-friendly smartphone aimed at older adults, featuring a large 6.2-inch screen and easy access to essential functions. The device includes urgent and non-urgent response capabilities and offers a Preferred Health & Safety package with services like Urgent Response and Urgent Care. Priced at $149.99 plus monthly service, Lively Smart is part of Best Buy's broader assortment for the active aging demographic. This initiative underscores Best Buy's commitment to enhancing the lives of older adults through technology.
Best Buy has committed $10 million to establish a Community Impact Hub in Los Angeles, part of its five-year plan for community development. Collaborating with the Annenberg Foundation and the Greater LA Education Foundation, Best Buy aims to create up to 12 new Teen Tech Centers by 2023, enhancing career opportunities for local youth. This initiative targets about 3,000 LA-area youth annually, offering training in high-demand careers within the creative and entertainment sectors. The launch will feature a virtual event on May 19 with Eva Longoria Bastón and a performance by Common.
Best Buy Health is introducing Lively Health & Safety Services for Apple Watch users, enhancing safety for older adults. The services, accessible via the Lively app, include 24/7 Urgent Response and Urgent Care, allowing users to receive immediate help from trained agents or medical professionals. A new Live Agent Assist feature will soon activate after detecting a hard fall, ensuring user safety. Users can get discounts on Apple Watch purchases when subscribing to a two-year health plan. Best Buy Health aims to enrich lives through technology and improve health connections.
Best Buy Co., Inc. (NYSE:BBY) has appointed Steven E. Rendle to its board of directors, effective March 18. Rendle, the chairman, president, and CEO of VF Corp, brings over 35 years of experience in the specialty outdoor and action sports industry. His leadership is recognized for guiding VF Corp through significant transformations focused on purpose and profit. Best Buy CEO Corie Barry highlighted Rendle's extensive retail experience and understanding of social issues as critical for the company's strategic goals and consumer connections.
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