Company News

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06 Apr: Best Buy Named ENERGY STAR® Partner of the Year for Fourth Year

For the fourth year in a row, the U.S. Environmental Protection Agency (EPA) honored Best Buy with the ENERGY STAR Partner of the Year Sustained Excellence Award.

We are thrilled to receive this honor for our commitment to educating our customers on the benefits of energy efficiency and promoting the ENERGY STAR label in our stores and online.

At Best Buy, we have long recognized the benefit of partnering with ENERGY STAR, which not only lowers our customers’ utility bills, but also reduces environmental impacts in the communities we serve.

By John Vomhof Jr. Company News

05 Apr: Best Buy Warns of Gift Card Scam

It has become a common scam in recent years: Someone calls an unsuspecting victim to instill panic and pressure them into buying gift cards.

The fraudster might pretend to be with the IRS, threatening that the victim will be arrested if he or she doesn’t pay up by purchasing a gift card. Or they might pose as an attorney for a family member. Or as an online love interest who needs help in paying a debt in the form of a gift card.

By Best Buy Community Relations Company News Sustainability

04 Apr: Best Buy’s investment in Minnesota’s youth promises big dividends

Best Buy has long supported the use of technology to improve and enrich lives, especially those of teens who don’t have ready access to technology tools and training.

As part of that effort, Best Buy is a proud funder of Career Academies, an educational program in Minneapolis-St. Paul that on Tuesday announced it’s expanding to provide opportunities to even more students throughout Minnesota.

In Best Buy’s home state of Minnesota, only 44 percent of people over the age of 25 hold a post-secondary degree or credential.

By John Vomhof Jr. Company News

29 Mar: Best Buy, Music Industry Icon Gary Arnold Dies

Gary Arnold was a big man with a huge heart — and he had an immeasurable impact on the music industry during his 18 years at Best Buy.

Gary, once among the most powerful retail executives in the entertainment business, died Monday following a lengthy battle with cancer. He was 64.

“He was an icon at Best Buy. He was an icon in the music industry,” said Shari Ballard, Best Buy’s president of multichannel retail. “And he was a remarkable and lovely human being.”

By Best Buy Company News

15 Mar: Best Buy Policy Regarding Child Pornography Found on Customers’ Computers

Nearly 100 times a year, our Geek Squad repair employees discover what appears to be child pornography on customers’ computers. Our employees do not search for this material; they inadvertently discover it when attempting to confirm we have recovered lost customer data.

We have a moral and, in more than 20 states, a legal obligation to report these findings to law enforcement. We share this policy with our customers in writing before we begin any repair.

As a company, we have not sought or received training from law enforcement in how to search for child pornography.

By Best Buy Community Relations Company News Sustainability

09 Mar: Best Buy Awards Nearly $2 Million to Teen-Focused Nonprofits

Technology has become ingrained in our society, and it’s not hard to fathom that more than 75 percent of jobs over the next decade will require tech skills. However, many teens do not have adequate tech education to be prepared for jobs of the future.

At Best Buy, this opportunity gap is where we have decided to focus our community giving and signature community programs.

We’re committed to keeping our communities strong. Not just because it’s the right thing to do, but because we rely on our communities to provide a talented workforce.

By John Vomhof Jr. Company News

08 Mar: Women Are Leading the Way at Best Buy

Shari Ballard started as an assistant manager in 1993. Today, she serves as Best Buy’s president of U.S. retail, overseeing almost 1,400 stores that combined generate more than $30 billion in annual revenue.

Last September, Fortune magazine named her to its 50 Most Powerful Women in Business list for the fourth time in the past eight years. But she isn’t the only powerful woman at Best Buy — far from it. The company has strong female leaders at every level of the organization, from store managers to the C-suite.

By Best Buy Company News PR News Alerts

01 Mar: Best Buy Reports Better-than-Expected Fourth Quarter Results

GAAP Diluted EPS Increased 37% to $1.91

Non-GAAP Diluted EPS Increased 27% to $1.95

Full Year GAAP and Non-GAAP Diluted EPS Increased 63% and 28% respectively

MINNEAPOLIS, March 1, 2017 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the fourth quarter (“Q4 FY17”) and year ended January 28, 2017 (“FY17”), as compared to the fourth quarter (“Q4 FY16”) and year ended January 30, 2016 (“FY16”). The company reported Q4 FY17 GAAP diluted earnings per share from continuing operations of $1.91, an increase of 37% from $1.39 in Q4 FY16.

By Best Buy Company News PR News Alerts

01 Mar: Best Buy Announces Increased Capital Return to Shareholders

Two-Year $3 Billion Share Repurchase Plan

21% Increase in Quarterly Dividend to $0.34 per Share

MINNEAPOLIS, March 1, 2017 — Best Buy Co., Inc. (NYSE: BBY) today announced that its Board of Directors approved a plan to return excess capital to shareholders as follows:

A new $3 billion share repurchase plan expected to be completed over the next two years; and
A 21% increase in the regular quarterly dividend to $0.34 per share, effective immediately.

This updated capital return plan is consistent with the company’s long-term capital allocation strategy to first fund operations and investments in growth, including potential acquisitions, and then to return excess free cash flow over time to shareholders through dividends and share repurchases, while maintaining investment grade credit metrics.

By Best Buy Company News

28 Feb: Best Buy Statement on Employee Death

Our thoughts and prayers are with the family, friends and children of Melissa Mendez after she was senselessly shot and killed on Monday. Domestic violence has no place in our society, and this tragic event is an example of how destructive it can be.

Melissa, an employee at our Avondale, Arizona, store for more than seven years, was well-liked by her colleagues and great at her job. Counseling has been made available for our employees. Our Avondale store remains closed at this time.

By Andrea Wood Community Relations Company News Sustainability

27 Feb: Best Buy Founder Establishes Disaster Relief Fund for Employees

Fifty years ago, Dick Schulze opened his first electronics store in St. Paul, Minnesota, called Sound of Music. Under his leadership, this one store grew into the Best Buy that we know today.

Dick, Best Buy’s Founder and Chairman Emeritus, along with his late wife, Sandy, believed that a company is a family. They embedded the spirit of giving back and taking care of one another into the culture of Best Buy. Employees still feel that continued support from our founder today.

By Natalie Albers Community Relations Company News

22 Feb: St. Jude, Best Buy Celebrate Fundraising Milestone

Best Buy on Wednesday was named the largest St. Jude Thanks and Giving^® campaign donor for the 2016 holiday season. Through generous customer donations made in its stores and online over three months, the company raised more than $18.2 million to support the life-saving work of St. Jude Children’s Research Hospital^®.

“It’s incredible to see the life in that hospital and see what St. Jude does every day,” said Paula Baker, Best Buy’s chief human resources officer and executive sponsor of the company’s Thanks and Giving campaign.

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