Company News

By Best Buy Company News

13 Dec: Best Buy expands exclusive Upgrade+ program to include select iMac and Mac Studio models

Building on early excitement, expanded program makes it easy for customers to experience the latest Mac desktops and laptops for an affordable, low monthly payment

During a time where customers are looking for affordability, we’re excited to announce that our Upgrade+ program, powered by Citizens Pay®, now includes the latest versions of select iMac and Mac Studio desktop computers.

Back in October, Best Buy in collaboration with Apple announced a first-of-its-kind upgrade program called Upgrade+, making it easy for customers to experience and upgrade to the latest Mac laptops with Apple silicon, including MacBook Air and MacBook Pro, for an incredibly affordable monthly payment.

By Ale Valeriano Company News

08 Dec: Best Buy, Hollywood Reporter partner on scholarship for young women

Best Buy is empowering the next generation of Hollywood producers, script writers and filmmakers by supporting young people from disinvested communities across Los Angeles county.

We have partnered with The Hollywood Reporter to provide a full scholarship to Loyola Marymount University to a mentee in the publication’s acclaimed Women in Entertainment Mentorship Program (WIE). In addition, program participants will have access to the Los Angeles Community Impact Hub, a network of up to 12 Best Buy Teen Tech Centers® that provide access to cutting-edge technology and career training opportunities.

By Best Buy Company News

07 Dec: Best Buy makes Newsweek’s 2023 Most Responsible Companies list

Best Buy is proud to be named to Newsweek’s list of America’s Most Responsible Companies for the fourth year in a row.

Newsweek compiles this list in partnership with Statista to recognize the 500 most responsible companies in the U.S. across 14 industries. It’s based on publicly available environmental, social and governance data and an independent survey of U.S. residents.

Our individual environmental score was also 92.50, making us the top retailer in that category. We earned an overall score of 76.90 out of 100, ranking No.

By Ale Valeriano Company News

06 Dec: Best Buy, Banijay partner for career development initiative in Hollywood

A new partnership between Best Buy Foundation and Banijay Americas, a division of Banijay, the world’s leading producer and distributor of international content, is set to launch early next year, creating an entertainment industry career development program for youth from disinvested neighborhoods across Los Angeles.

Through the career development program, Banijay Americas will collaborate to develop a TV production curriculum tailored to participants at Best Buy Teen Tech Centers®, a Best Buy Foundation program that connects youth with the latest cutting-edge technology, mentoring and career training.

By Kevin Flanagan Company News

28 Nov: Best Buy’s new virtual shopping experience brings expert advice to your fingertips

The holiday shopping season has officially begun, and our expert Blue Shirts are standing by, ready to guarantee that you’ll make the nice list this year.

The next time you’re shopping in a Best Buy store, on BestBuy.com, or scrolling through the Best Buy app, you can quickly and conveniently connect live with our experts located in our virtual store through chat, video or audio call to get a little extra guidance.

What is the virtual store?

What started last fall as a pilot is now a nearly 40,000 square foot studio-like space we call our virtual store.

By Kevin Flanagan Company News

25 Nov: Best Buy opens more than 40 new Experience Stores ahead of holidays

The ultimate inspirational shopping experience is now rolling out at select Best Buy stores across the country — just in time for the holiday shopping season.

Our new Experience Store concept serves as an inspirational destination to help customers discover, learn about and use the latest tech. From immersive demo areas to our newest product categories, these stores offer something for everyone. It’s one of the many ways we’re reimagining our stores to meet our customers’ changing needs.

We first began testing the new store format in Houston in 2020 and later added additional pilot locations, including one in Charlotte, North Carolina.

By Best Buy Company News

22 Nov: Best Buy reports Q3 FY23 results

Comparable Sales Declined 10.4%

GAAP Diluted EPS of $1.22

Non-GAAP Diluted EPS of $1.38

Raises Full-Year Guidance

Resumes Share Repurchases

MINNEAPOLIS, November 22, 2022 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week third quarter ended October 29, 2022 (“Q3 FY23”), as compared to the 13-week third quarter ended October 30, 2021 (“Q3 FY22”).

Click here to view full release and statements.

	Q3 FY23	Q3 FY22
Revenue ($ in millions)
Enterprise	$10,587	$11,910
Domestic segment	$9,800	$10,985
International segment	$787	$925
Enterprise comparable sales % change¹	(10.4)%	1.6%
Domestic comparable sales % change¹	(10.5)%	2.0%
Domestic comparable online sales % change¹	(11.6)%	(10.1)%
International comparable sales % change¹	(9.3)%	(3.0)%
Operating Income
GAAP operating income as a % of revenue	3.4%	5.6%
Non-GAAP operating income as a % of revenue	3.9%	5.8%
Diluted Earnings per Share (“EPS”)
GAAP diluted EPS	$1.22	$2.00
Non-GAAP diluted EPS	$1.38	$2.08

For GAAP to non-GAAP reconciliations of the measures referred to in the above table, please refer to the attached supporting schedule.

By Kloé Mallard Company News

14 Nov: Here’s how Best Buy is making it easy to recycle your old tech

November 15 is America Recycles Day. Celebrate by bringing your old electronics to Best Buy, the largest retail collector of e-waste in the United States.

We established our recycling program in 2009 and have since recycled more than 2 billion pounds of electronics and appliances. In addition to our recycling efforts, we’ve also pledged to be carbon neutral across our business by 2040.

This year, we took steps towards making the recycling process even easier for our customers by adding our Standalone Haul-Away service.

By Emily Gaylord Company News

09 Nov: Best Buy makes Forbes’ Best Employers for Veterans 2022 list

We’re excited to announce that Best Buy was named to Forbes’ list of America’s Best Employers for Veterans 2022. This is our first time on the list.

Forbes surveyed 7,000 U.S. veteran employees. Participants were asked to rate their employer on career development, diversity, and topics specific to veterans in the workplace, such as recruitment processes and pipelines. Companies were also evaluated on veteran representation in leadership roles and philanthropic efforts geared toward veterans.

Support for veterans

Veteran employees can find support at Best Buy through benefits, resources and community.

By Ale Valeriano Company News

07 Nov: Best Buy, Timberwolves and TCL team up for tech equity

Minnesota members of Best Buy Teen Tech Centers® will get a courtside view of the different types of technology careers that bring the Timberwolves and Lynx seasons to life, both on and off the court.

The Best Buy Foundation is partnering with the Minnesota Timberwolves and Lynx, and electronics company TCL, to advance tech equity and empower youth at Twin Cities Teen Tech Centers through career opportunities. The partnership with the Timberwolves and Lynx will give local Teen Tech Center members a behind-the-scenes look at how tech is used during each basketball game.

By Emily Gaylord Company News

02 Nov: Best Buy ranks 15th on 2022 list of World’s Top Female-Friendly Companies

Best Buy is proud to rank No. 15 on Forbes’ 2022 list of the World’s Top Female-Friendly Companies, which recognizes companies that support women at and outside of the workplace.

This is our second time on the list. We are one of four retailers in the top 15 spots, and we’re one of seven U.S. companies in the top 20.

Forbes teamed up with market research company Statista to survey 85,000 women in 36 countries. Respondents were asked to rate their employers on criteria such as pay equity, parental leave and opportunities for advancement.

By Best Buy Company News

24 Oct: Best Buy launches exclusive Upgrade+ program for Mac laptops

New program makes it easy and affordable for customers to experience and upgrade to the latest Mac laptops.

MINNEAPOLIS, October 24, 2022 — Best Buy is offering a first-of-its-kind upgrade program called Upgrade+ powered by Citizens Pay®, making it easy and affordable for customers to experience and upgrade to the latest Mac laptops with Apple silicon, including MacBook Air and MacBook Pro.

Through Upgrade+, customers can apply for financing to purchase a new Mac laptop with affordable payments spread across 36 months before deciding if they want to upgrade to a newer device in month 37.

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