Company News

By John Vomhof Jr. Company News

03 Dec: Best Buy’s 2020 holiday ads reflect ‘unique times we’re living in’

With a playful nod to children’s letters to Santa, Best Buy’s holiday ads are bringing some holiday cheer while also reflecting the unique aspects of life in 2020.

The “Dear Best Buy” campaign was created using stop-motion animation, with sets and characters rendered in miniature by top animators from the feature film world. We worked closely with our inclusion and diversity team to make sure the characters authentically represent the communities we serve, and we hired voiceover talent that aligned with characters.

By Best Buy Company News

24 Nov: Best Buy Reports Q3 FY21 Results

Enterprise Comparable Sales Increased 23%

Domestic Comparable Online Sales Increased 174%

GAAP Diluted EPS Increased 35% to $1.48

Non-GAAP Diluted EPS Increased 82% to $2.06

MINNEAPOLIS, November 24, 2020 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week third quarter ended October 31, 2020 (“Q3 FY21”), as compared to the 13-week third quarter ended November 2, 2019 (“Q3 FY20”).

(Click here for a PDF version. Click here to view full release and statements.)

Revenue ($ in millions)	Q3 FY21	Q3 FY20
Enterprise	$11,853	$9,764
Domestic segment	$10,850	$8,964
International segment	$1,003	$800
Enterprise comparable sales % change¹	23.0%	1.7%
Domestic comparable sales % change¹	22.6%	2.0%
Domestic comparable online sales % change¹	173.7%	15.0%
International comparable sales % change¹	27.3%	(1.9)%
Operating Income
GAAP operating income as a % of revenue	4.7%	4.0%
Non-GAAP operating income as a % of revenue	6.1%	4.2%
Diluted Earnings per Share (“EPS”)
GAAP diluted EPS	$1.48	$1.10
Non-GAAP diluted EPS	$2.06	$1.13

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

By Kirsten Morell Company News

24 Nov: Best Buy ranks high on list of Most Admired Companies for HR

Best Buy is pleased to rank No. 10 on Human Resource Executive magazine’s list of the Most Admired Companies for HR 2020.

The list is composed of 52 companies that are considered the best of the best at leading in workplace innovation. Human Resource Executive and research partner Korn Ferry use data collected for the Fortune’s World’s Most Admired Companieslist and recalibrate it to focus on four criteria that have a strong connection to HR: management quality, product/service quality, innovation and people management.

Since last year, our ratings improved across all four attributes, moving us to the top spot among specialty retailers on each of them.

By Ale Valeriano Company News Sustainability

17 Nov: Best Buy Focuses on Clean Energy with New Solar Project

For more than a decade, we’ve been focused on building a more sustainable world for the communities we serve, and today we’re announcing our biggest commitment yet to renewable energy.

In partnership with U.S. Bank and Longroad Energy, we’re proud to be part of the Little Bear Solar Project in Fresno County, California. It’s set to produce 480,000 megawatt hours of electricity annually for the local power grid, enough to power the equivalent of approximately 715 Best Buy stores.

“Sustainability is at the core of what we do, and we are proud to be making an investment that will have a positive impact on our communities and the environment,” said Tim Dunn, head of environmental sustainability at Best Buy.

By Suzanne Hilker Company News Sustainability

16 Nov: Best Buy Celebrates Decade on Dow Jones Sustainability Index

Best Buy has been named to the prestigious Dow Jones Sustainability Index for the 10^th consecutive year.

Only five U.S. retailers were included on this year’s index, which identifies leaders in environmental, social and governance (ESG) performance.

The Dow Jones Sustainability Index serves as an important bench-marking tool for investors who incorporate sustainability performance into their portfolios. It analyzes a variety of criteria, including carbon reduction, human rights and corporate governance.

Being included on the index reflects our broader approach to corporate responsibility and sustainability.

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By Best Buy Company News

09 Nov: Need a Personal Holiday Shopper? Home Experts Can Help

Holiday deals are starting earlier than ever, and if you’re feeling the rush and need an extra hand, you’re not alone. Thankfully, Best Buy Home Experts are available to help you tackle your gift lists this year.

Home Experts are specially trained experts who can help bring your tech or appliance dreams to life, no matter how big or small. And they’re available for free and safe consultations when and where you want, whether that’s at a Best Buy store, in your home or by chat or phone.

By Best Buy Company News

30 Oct: How Best Buy is providing a safe holiday shopping experience

As has been the case throughout the pandemic, and especially true this holiday season, nothing is more important to us than the safety of our customers and employees.

As an essential retailer, we are continually reviewing reputable, third-party data, CDC and local health department recommendations and direct feedback from our local store teams to guide decisions about the safest way to provide customers with the technology products they need to work, learn and eat at home. Rest assured, this rigorous approach will continue as long as COVID-19 is a reality in our lives.

By Suzanne Hilker Company News Sustainability

30 Oct: Best Buy Ranks No. 12 on Best ESG Companies List

We take great pride in how we treat our employees, our planet and the communities we serve — and that’s only become more important to us during the COVID-19 pandemic.

That’s why we’re honored to rank No. 12 on Investor’s Business Daily’s 2020 Best ESG Companies list, which recognizes the top 50 businesses that are “doing well for humankind and the environment, but also doing right for investors.” We’re this year’s top-ranked retailer.

The pandemic has magnified the importance of environmental, social and governance (ESG) practices.

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By John Vomhof Jr. Company News

19 Oct: Corie Barry Ranks No. 9 on Fortune’s Most Powerful Women List

Fortune magazine just released its prestigious Most Powerful Women list, and we’re proud to have our own Corie Barry recognized in the top 10 this year!

This is Corie’s second year as our CEO and her second year on the Fortune list. She ranks No. 9 for 2020, up from No. 18 last year.

Fortune highlighted Corie’s leadership during the COVID-19 pandemic, including her “aggressive steps to keep her employees safe.” The magazine pointed to her decision to close our stores to foot traffic early in the pandemic, even when deemed an essential business.

By Kirsten Morell Company News Sustainability

14 Oct: Best Buy Lands in Top 25 of Prestigious JUST 100 List

Best Buy is proud to be named to the 2021 JUST 100 list, which recognizes companies for doing right by all stakeholders.

This is our first time on the prestigious list. We climbed more than 200 spots to earn the No. 25 ranking.

“Our company’s purpose is to enrich lives through technology, and to bring this to life we know our employees need to feel supported and empowered, especially given the challenges we have all faced this year,” Best Buy CEO Corie Barry said.

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