Press Releases

Best Buy financial results

16 Nov: Best Buy Reports Third Quarter FY18 Results

Enterprise Comparable Sales Increased 4.4%

Diluted EPS of $0.78 Increased 30%

Raising FY18 Financial Outlook

 

MINNEAPOLIS, November 16, 2017 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the third quarter ended October 28, 2017 (“Q3 FY18”), as compared to the third quarter ended October 29, 2016 (“Q3 FY17”). The company reported diluted earnings per share from continuing operations of $0.78, an increase of 30% from $0.60 in Q3 FY17. (PDF version here.)

  Q3 FY18 Q3 FY171
Revenue ($ in millions)2    
Enterprise $9,320 $8,945
Domestic segment $8,491 $8,192
International segment $829 $753
Enterprise comparable sales % change 4.4% 1.8%
Domestic comparable sales % change 4.5% 1.8%
Domestic comparable online sales % change 22.3% 24.1%
International comparable sales % change 3.8% N/A
Operating Income:
GAAP operating income as a % of revenue 3.8% 3.5%
Non-GAAP operating income as a % of revenue 3.7% 3.5%
Diluted Earnings per Share (EPS):
GAAP diluted EPS from continuing operations $0.78 $0.60
Non-GAAP diluted EPS from continuing operations $0.78 $0.60
 

For GAAP to non-GAAP reconciliations, please refer to the attached supporting schedule titled “Reconciliation of non-GAAP Financial Measures”.

BBY Teen Tech Center_02

25 Oct: Nation’s Job Readiness Deficit to Get Big Boost from Best Buy Support

By 2020, Best Buy will prepare one million youth annually for tech-reliant careers through a vastly expanded Teen Tech Center network, new Career Pathways program and heightened community-based efforts

MINNEAPOLIS — Best Buy today announced that the company will substantially increase its commitment to under-served young people over the next three years. By 2020, the leading technology products and services provider will prepare one million youth a year for tech-reliant jobs through intensified training and career readiness programs.

Best Buy’s accelerated, multi-million-dollar commitment comes as the U.S.

Best Buy - Investor Day

19 Sep: Best Buy Investor Day Details ‘Best Buy 2020: Building the New Blue’ Growth Strategy

Discusses Insights from Successful ‘Renew Blue’ Transformation

Shares Details on Plans to Expand What It Sells and Evolve How It Sells

Provides Long-Term Financial Targets for Fiscal 2021

 

MINNEAPOLIS, September 19, 2017 – Best Buy Co., Inc. (NYSE:BBY), a leading provider of consumer electronics products and services, will host an investor conference this afternoon to provide a more detailed overview of its Best Buy 2020: Building the New Blue growth strategy and discuss the company’s long-term financial outlook.

Best Buy Chairman and CEO Hubert Joly and other members of the executive team will discuss key insights gained from the company’s successful Renew Blue transformation, share the company’s analysis of the strategic landscape in which it operates and provide a closer look at key growth initiatives.

Best Buy - earnings

29 Aug: Best Buy Reports Better-than-Expected Second Quarter Results

Enterprise Comparable Sales Increased 5.4%

GAAP Diluted EPS of $0.67 Increased 20%

Non-GAAP Diluted EPS of $0.69 Increased 21%

 

MINNEAPOLIS, August 29, 2017 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the second quarter ended July 29, 2017 (“Q2 FY18”), as compared to the second quarter ended July 30, 2016 (“Q2 FY17”). The company reported GAAP diluted earnings per share from continuing operations of $0.67, an increase of 20% from $0.56 in Q2 FY17. Non-GAAP diluted earnings per share from continuing operations were $0.69, an increase of 21% from $0.57 in Q2 FY17. (

Best Buy - earnings

25 May: Best Buy Reports Better-than-Expected First Quarter Revenue and Profit

Enterprise Comparable Sales Increased 1.6%

Diluted EPS of $0.60

 

MINNEAPOLIS, May 25, 2017 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the first quarter ended April 29, 2017 (“Q1 FY18”), as compared to the first quarter ended April 30, 2016 (“Q1 FY17”). The company reported GAAP diluted earnings per share from continuing operations of $0.60, a decrease of 13% from $0.69 in Q1 FY17, entirely driven by the large CRT settlement proceeds received last year which did not recur in Q1 FY18.

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04 May: Best Buy Partners with Vivint Smart Home to Launch Leading-Edge Smart Home Service

RICHFIELD, Minn. and PROVO, Utah (May 4, 2017) – Best Buy and Vivint Smart Home today announced a strategic partnership to give customers an easy way to automate and manage their homes, called Best Buy Smart Home powered by Vivint. With a nationwide rollout beginning this summer, Best Buy customers will be able to visit one of more than 400 of the chain’s large-format stores to consult with a smart home expert, design a comprehensive system, and receive professional installation and monitoring, often within 24 hours.

20 Apr: Best Buy Boosts Commitment to Underserved Youth with Expanded Geek Squad Academy Season

This year more than 8,500 teens nationwide will receive tech tools and hands-on training at 40 two-day camps

 

MINNEAPOLIS – (April 20, 2017) – Best Buy is deepening its commitment to helping underserved teens get access to essential tech tools by growing its flagship Geek Squad Academy (GSA) summer program more than 30 percent to conduct 40 camps supporting 8,500 teens this year.

“It’s clear that the challenges facing underserved youth are growing, with resources becoming more stretched even as the vast majority of future jobs will require tech proficiency,” said Andrea Wood, director of Community Relations at Best Buy.

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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.

Best Buy - financial results

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.

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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.

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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.

Best Buy - Thanks and Giving® Campaign

22 Feb: Best Buy Finishes as Top Fundraising Partner for St. Jude Children’s Research Hospital® Thanks and Giving® Campaign

Best Buy customers and employees helped raise more than $18.2 million during the holiday season for the research and treatment of childhood cancer

 

MINNEAPOLIS (February 22, 2017) – Thanks to its generous customers and supportive employees, Best Buy is proud to have presented more than $18.2 million to St. Jude Children’s Research Hospital® and to have finished as the largest St. Jude Thanks and Giving® campaign donor this holiday season.

“We are deeply grateful to Best Buy, its dedicated employees and the customers who demonstrated a tremendous commitment to our lifesaving mission by raising an astounding $18.2 million during the St.