Press Releases

CorporateBlogImage

27 May: Best Buy reports better-than-expected Q1 FY22 results

Enterprise Comparable Sales Increased 37.2%

GAAP Diluted EPS Increased 280% to $2.32

Non-GAAP Diluted EPS Increased 233% to $2.23

Raises Full-Year Enterprise Comparable Sales Growth Outlook to a Range of 3% to 6%

MINNEAPOLIS, May 27, 2021 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week first quarter ended May 1, 2021 (“Q1 FY22”), as compared to the 13-week first quarter ended May 2, 2020 (“Q1 FY21”).

Revenue ($ in millions)Q1 FY22  Q1 FY21
Enterprise$11,637 $8,562
Domestic segment$10,841 $7,915
International segment$796 $647
Enterprise comparable sales % change1 37.2% (5.3)%
Domestic comparable sales % change1 37.9% (5.7)%
Domestic comparable online sales % change1 7.6% 155.4%
International comparable sales % change1 27.8%0.2%
Operating Income  
GAAP operating income as a % of revenue 6.6% 2.7%
Non-GAAP operating income as a % of revenue 6.4% 2.9%
Diluted Earnings per Share (“EPS”)  
GAAP diluted EPS$2.32 $0.61
Non-GAAP diluted EPS$2.23 $0.67

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

BBY_Logo_Blog_BlueBackground

02 Mar: Best Buy appoints Steven E. Rendle to board of directors

Best Buy Co., Inc. (NYSE:BBY) today announced that Steven E. Rendle, a leading executive in the apparel industry, has been appointed to its board of directors, effective March 18.

Rendle is the chairman, president and CEO of VF Corp., one of the world’s largest apparel, footwear and accessories companies with a family of iconic outdoor, active and workwear brands including Vans®, The North Face®, Timberland® and Dickies®. The 120-year-old company’s purpose is to power movements of sustainable and active lifestyles for the betterment of people and the planet.

BBY_logo_blog_header_v01

08 Jan: Best Buy Appoints Mario J. Marte to Board of Directors

Best Buy Co. Inc. today announced that Mario J. Marte, an accomplished finance and e-commerce executive, has been appointed to its board of directors, effective immediately.

Marte is the chief financial officer of Chewy Inc., the leading online pet retailer, whose mission is to be the most trusted and convenient online destination for pet parents (and partners) everywhere. One of the standout IPOs in 2019, Chewy partners with more than 2,000 brands and employs more than 18,000 team members.

Joining Chewy in April 2015, Marte brought with him nearly two decades of business experience, including senior finance roles at Hilton Worldwide and finance and management consulting positions at American Airlines and Accenture.

FY21_Brand_Social_Exterior_6935.psd

29 Oct: Best Buy Reveals Black Friday Ad Earlier Than Ever, Hundreds of Deals Available Today

Nearly entire Black Friday ad is available beginning Nov. 22  

MINNEAPOLIS – Oct. 29, 2020 – Best Buy’s Black Friday ad is here, and although it’s not the first time this year we’ve made our Black Friday deals available, the holiday savings are just getting started. This year’s ad is packed with thousands of deals on the season’s hottest tech, including TVs, headphones, laptops, video games and more —and hundreds of them are available right now. 

Some of our biggest savings from the ad are available now on BestBuy.com and in stores, through Nov. 1. And we’re giving you more ways than ever, including contactless curbside pickup and same-day delivery, to safely get your order.  

2018_rebrand_blog_logo_LEAD_ART

25 Sep: Best Buy Provides Investor Update on Building the New Blue Growth Strategy

Company Sets Financial Targets for Fiscal 2025

 

September 25, 2019

MINNEAPOLIS–Best Buy Co., Inc. (NYSE:BBY) will host an investor update this morning to highlight the progress it has made on its Building the New Blue growth strategy, detail how it plans to move forward with the strategy and discuss the company’s long-term financial outlook.

Best Buy CEO Corie Barry and other members of the executive team will outline the next phase of the company’s strategy, called Building the New Blue: Chapter Two.

Matt Bilunas blog

24 Jul: Get to know Best Buy’s new CFO

Best Buy on Wednesday announced that company veteran Matt Bilunas will be our next chief financial officer. He replaces Corie Barry, who served in the role for three years before becoming CEO in June.

Matt has been with Best Buy since 2006, serving in a variety of financial leadership roles across the organization, both in the field and at corporate. He’s been a key member of the finance leadership team throughout our transformation.

We sat down with Matt to learn a little more about him.

BBY_logo_blog_header_v01

24 Jul: Best Buy Names Company Veteran, Matt Bilunas, Its New Chief Financial Officer

Previous CFO, Corie Barry, Assumed Role of Best Buy CEO in June 2019

 

Minneapolis, July 24, 2019 – Best Buy Co., Inc. today announced that Matt Bilunas, the company’s Senior Vice President of Enterprise and Merchandise Finance, will be promoted to Chief Financial Officer, effective July 29, 2019.

 

A 13-year veteran of Best Buy, Bilunas has risen through the company’s finance organization and has held both corporate and field roles along with domestic and international positions. As the SVP of Enterprise and Merchandise Finance since 2017, he has been responsible for the company’s planning processes, including strategic planning, annual budgeting, monthly forecasting and capital planning.

gl-34891-evergreenemail-iha-pol_der.jpg

19 Jun: Best Buy sets first goal to help consumers reduce carbon emissions and save billions on utilities as it commits to further reduce its own carbon use

MINNEAPOLIS – (June 19, 2019) – After reducing its carbon emissions more than 50 percent, Best Buy is committing to achieve an even greater impact. For the first time, the company has set a goal to help consumers reduce their carbon emissions by 20 percent* and save $5 billion on utility costs by 2030, while it works to decrease its own emissions 75 percent** over the same period.

The new goals were announced today by Best Buy at the Circularity19 conference in Minneapolis and are included in its latest Corporate Responsibility and Sustainability Report.

Best Buy - logo

15 Apr: Best Buy Evolves Leadership Roles as Part of Succession Planning Process  

Hubert Joly to become Executive Chairman of the Board of Directors

Corie Barry, current CFO and Chief Strategic Transformation Officer, to become new CEO

Mike Mohan to become President and COO

 

MINNEAPOLIS, [April 15, 2019] – Best Buy Co., Inc. (NYSE: BBY) today announced that its board of directors has elected Corie Barry, currently the company’s Chief Financial and Strategic Transformation Officer, to become Chief Executive Officer, effective following the company’s annual meeting of shareholders on June 11, 2019. At that time, Hubert Joly, Best Buy’s current Chairman and Chief Executive Officer, will transition to the newly created role of Executive Chairman of the Board.

2018_rebrand_blog_logo_LEAD_ART

03 Oct: Best Buy Appoints Cindy Kent to Board of Directors

Best Buy Co., Inc. (NYSE:BBY) today announced that Cindy Kent, a seasoned health care executive, has been appointed to its Board of Directors, effective immediately.

Kent most recently served as president and general manager of the Infection Prevention Division at 3M Co., a global science company that manufactures and markets products and services across a range of industries.

Kent has more than 25 years of experience across a variety of roles and segments of the health care industry. Prior to joining 3M in 2013, she worked at medical device maker Medtronic Inc.

2018_rebrand_blog_logo_LEAD_ART

15 Aug: Best Buy Acquires GreatCall, A Leading Connected Health Services Provider

Acquisition is in line with Best Buy 2020 strategy

Strengthens company’s position and growth opportunities in the
fast-changing health space, with a focus on the growing needs
of the aging population

 

Minneapolis, August 15, 2018 – Best Buy Co., Inc. (NYSE: BBY), a leading technology products and services provider, today announced that it has signed a definitive agreement to acquire GreatCall, Inc. for $800 million in cash.  

GreatCall is a leading provider of connected health and personal emergency response services to the aging population, with more than 900,000 paying subscribers.

2018_rebrand_blog_logo_LEAD_ART

31 Jul: Youth in underserved communities receive boost from best buy

 

Teen Tech Center network grows to 21 year-round training locations;

Local communities receive additional $20 million in funding; 

New public awareness campaign gives teens a platform for their stories

 

Minneapolis, July 31, 2018 – Best Buy announced today a campaign that will highlight teens from around the country who participate in the company’s Teen Tech Centers, a network of year-round programs designed to teach technology skills to youth living in underserved communities. This effort is part of a previously announced $20 million grant to the Best Buy Foundation to build out more than 60 of these centers and fund non-profit partners across the U.S.,