Company News

Conn.-MN-scaled

30 Jun: Best Buy Joins New Partnership To Bring Tech, Internet To Minnesota Students

Best Buy is teaming up with other prominent Minnesota organizations to help fight the digital divide across the state.

We’re proud to be one of the leaders of the Partnership for a ConnectedMN, a public-private partnership announced by Minnesota Gov. Tim Walz on June 30. Through avenues like grantmaking, the partnership will support initiatives that help K-12 students from disinvested communities across the state of Minnesota get access to the computing devices and internet access they need to facilitate distance learning and access critical support services.

Solar_Field_03-1

22 Jun: Best Buy Unveils South Carolina Solar Field

Best Buy has cut our carbon footprint in half since 2009, and now we’re making our biggest commitment yet to renewable energy.

In collaboration with solar developer X-Elio and U.S. Bank, we are proud to unveil the Best Buy Solar Field in Martin, South Carolina. This project will produce 174,000 megawatt hours of clean electricity per year for the local power grid — enough to power the equivalent of 260 Best Buy stores for an entire year.

The Best Buy Solar Field underscores our commitment to enriching lives through technology.

BBY_logo_blog_header_v01

18 Jun: Best Buy Supports SCOTUS Decision On DACA, Encourages Permanent Solution For ‘Dreamers’

Today’s Supreme Court decision is encouraging news for “Dreamers,” the approximately 700,000 undocumented young adults who were brought to the United States as children and are able to continue the lives they’ve always known in this country under the Deferred Action for Childhood Arrivals (DACA) program.

“Dreamers play an important role in our everyday lives as coworkers, business owners, friends and neighbors. They make an enormous, positive impact on American companies, communities and the economy, including as essential health care workers on the front lines of the COVID-19 pandemic,” said Best Buy Chief Executive Officer Corie Barry.

2018_rebrand_blog_logo_LEAD_ART

17 Jun: Best Buy Ranks High For Supply Chain Practices

Best Buy was the top-rated retailer in a new assessment of the supply chain practices at the largest global information and communications technology (ICT) brands.

We also ranked 10th overall among the 49 companies included in KnowTheChain’s 2020 ICT Benchmark. KnowTheChain is a nonprofit that serves as a resource for companies and investors to understand and address the risks of forced labor in global supply chains.

Best Buy scored 52 out of 100, well above the average score of 30.

BlueShirt_Store_JerseyCity_FY19_ManagerCoaching_0317.psd

16 Jun: Best Buy Rises On List Of 100 Best Corporate Citizens

Best Buy is proud to rank No. 46 on the 2020 list of the 100 Best Corporate Citizens, moving up 21 spots from last year.

This list recognizes outstanding environmental, social and governance (ESG) transparency and performance among the 1,000 largest public companies in the U.S. Our ranking places us in the top 5% of all companies evaluated, and we ranked second in the retail category.

ISS ESG, the responsible investing research arm of Institutional Shareholder Services, compiled the list.

YellowShirt_Customer_Pasadena_FY19_GreetingCustomers_0378_PPE.ps

09 Jun: Best Buy To Invite More Shoppers Inside Stores, No Appointment Needed

Best Buy today announced that customers soon will be able to safely and freely shop at the majority of our stores without an appointment. 

Starting June 15, more than 800 locations across the country will begin allowing a limited number of people inside. We’ll also continue to offer contactless curbside pickup and in-store consultations for those who prefer to shop that way.

“Throughout the pandemic, nothing has been more important to us than the safety of our customers and employees,” said Ray Sliva, president of retail.

2018_rebrand_blog_logo_LEAD_ART

03 Jun: A Note From Best Buy’s CEO: We Will Do Better

We are, I believe, in one of the toughest times in our country’s history, as we continue to battle a deadly pandemic and the resulting economic havoc while, once again, coming face-to-face with the long-term effects of racial injustice. Watching tens of thousands take to the streets to speak out against fear and inhumanity is, on one hand, inspiring for the commitment it represents and, on the other, heartbreaking for its profound need.

But what’s next? What do we do to change the cycle in which black men or women, with tragic frequency, are harmed by those who are supposed to protect them?

2018_rebrand_blog_logo_LEAD_ART

27 May: A Message From The Senior Leadership Team

Another black man in America died senselessly on Monday, and it happened only miles from where many of us live. As cars and people passed by, unaware that a man was struggling to breathe as another’s knee was on his neck, our state and country witnessed yet another example of how the life of an African American man, woman, boy or girl is fundamentally different from their white friends, neighbors and colleagues.

All this happened on the same day another black man, this time in New York City, was threatened by a white woman who said she would call the police on him when he requested she leash her dog, as required by city ordinance.

Pride-HRC-ERG

21 May: Why Best Buy Is A Great Place To Work For LGBTQIA+ Equality

At Best Buy, we aim to create an inclusive culture where everyone feels welcome and accepted, and not just during Pride Month in June. It’s a year-round commitment.

Our efforts to raise awareness and support for LGBTQIA+ employees and people in the communities we serve has not gone unnoticed. For the 15th year, we scored 100% on the Human Rights Campaign Corporate Equality Index.

Earning this distinction makes us a “Best Place to Work for LGBTQ Equality.” The index benchmarks and reports on how companies are helping to achieve workplace equality for LGBTQIA+ employees.

2018_rebrand_blog_logo_LEAD_ART

21 May: Best Buy Reports Q1 FY21 Results

Enterprise Revenue Decreased 6.3%

Domestic Comparable Online Sales Increased 155.4%

GAAP Diluted EPS of $0.61

Non-GAAP Diluted EPS of $0.67

MINNEAPOLIS, May 21, 2020 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week first quarter ended May 2, 2020 (“Q1 FY21”), as compared to the 13-week first quarter ended May 4, 2019 (“Q1 FY20”).

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

      
 Q1 FY21Q1 FY20
Revenue ($ in millions)
Enterprise$8,562 $9,142   
Domestic segment$7,915 $8,481   
International segment$647 $661   
Enterprise comparable sales % change1 (5.3)% 1.1%  
Domestic comparable sales % change1 (5.7)% 1.3% 
Domestic comparable online sales % change1 155.4% 14.5%  
International comparable sales % change1 0.2% (1.2)%  
Operating Income      
GAAP operating income as a % of revenue 2.7% 3.7%  
Non-GAAP operating income as a % of revenue  2.9% 3.8%  
Diluted Earnings per Share (“EPS”)      
GAAP diluted EPS$0.61 $0.98   
Non-GAAP diluted EPS$0.67 $1.02   

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

29199515065_870abb9ce6_o.jpg

15 May: Best Buy Provides Free Tech Classes For Kids At Home

As students face a summer of being homebound because of COVID-19, they (and their parents) are actively looking for new opportunities to learn, explore and grow.

Best Buy is here to help.

Our Geek Squad Agents have created a suite of free online courses that are designed to ignite kids’ creativity and teach them new tech skills. Inspired by our popular Geek Squad Academy summer camps, the curriculum includes topics such as smartphone photography, binary code and how to build video games and websites.