Company news

A photo of three employees in a Best Buy store

04 Mar: Best Buy named to World’s Most Ethical Companies® list for 10th year

Best Buy is proud to once again be included on Ethisphere’s World’s Most Ethical Companies® list. This is the tenth time we’ve been honored for helping to define and advance the standards of ethical business practices.

The Ethisphere list recognizes companies for their culture, environmental and social practices, ethics and compliance activities, governance, and diversity initiatives.

Here are some of the efforts that contributed to our inclusion on the 2024 list:

  • We continued our yearly Code of Ethics training for all employees.
An image that says Q4 FY24 Financial Results with the Best Buy yellow tag

29 Feb: Best Buy Reports Q4 FY24 Results

Comparable Sales Declined 4.8%

GAAP Diluted EPS of $2.12

Non-GAAP Diluted EPS of $2.72

Increasing Quarterly Dividend 2% to $0.94 per Share

Expects FY25 Non-GAAP Diluted EPS of $5.75 to $6.20

MINNEAPOLIS, February 29, 2024 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the 14-week fourth quarter ended February 3, 2024 (“Q4 FY24”), as compared to the 13-week fourth quarter ended January 28, 2023 (“Q4 FY23”).

Click here to view full release and statements.

 Q4 FY24Q4 FY23FY24FY23
 (14 weeks)(13 weeks)(53 weeks)(52 weeks)
Revenue ($ in millions)    
Enterprise $14,646 $14,735 $43,452 $46,298
Domestic segment $13,410 $13,531 $40,097 $42,794
International segment $1,236 $1,204 $3,355 $3,504
Enterprise comparable sales % change1 (4.8)% (9.3)% (6.8)% (9.9)%
Domestic comparable sales % change1 (5.1)% (9.6)% (7.1)% (10.3)%
Domestic comparable online sales % change1 (4.8)% (13.0)% (7.8)% (13.5)%
International comparable sales % change1 (1.4)% (5.7)% (3.2)% (5.4)%
Operating Income    
GAAP operating income as a % of revenue 3.8% 4.1% 3.6% 3.9%
Non-GAAP operating income as a % of revenue 5.0% 4.8% 4.1% 4.4%
Diluted Earnings per Share (“EPS”)    
GAAP diluted EPS $2.12 $2.23 $5.68 $6.29
Non-GAAP diluted EPS $2.72 $2.61 $6.37 $7.08

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

Q3FY24

21 Nov: Best Buy reports Q3 FY24 results

Comparable Sales Declined 6.9%

GAAP Diluted EPS of $1.21

Non-GAAP Diluted EPS of $1.29

MINNEAPOLIS, November 21, 2023 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week third quarter ended October 28, 2023 (“Q3 FY24”), as compared to the 13-week third quarter ended October 29, 2022 (“Q3 FY23”).

Click here to view full release and statements.

 Q3 FY24 Q3 FY23
Revenue ($ in millions)
Enterprise$9,756$10,587
Domestic segment$8,996$9,800
International segment$760$787
Enterprise comparable sales % change1(6.9)%(10.4)%
Domestic comparable sales % change1(7.3)%(10.5)%
Domestic comparable online sales % change1(9.3)%(11.6)%
International comparable sales % change1(1.9)%(9.3)%
Operating Income 
GAAP operating income as a % of revenue3.6%3.4%
Non-GAAP operating income as a % of revenue3.8%3.9%
Diluted Earnings per Share (“EPS”) 
GAAP diluted EPS$1.21$1.22
Non-GAAP diluted EPS$1.29$1.38

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

Q2 FY24

29 Aug: Best Buy reports Q2 FY24 results

Comparable Sales Declined 6.2%

GAAP Diluted EPS of $1.25

Non-GAAP Diluted EPS of $1.22

MINNEAPOLIS, August 29, 2023 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week second quarter ended July 29, 2023 (“Q2 FY24”), as compared to the 13-week second quarter ended July 30, 2022 (“Q2 FY23”).

Click here to view full release and statements.

 Q2 FY24  Q2 FY23
Revenue ($ in millions)
Enterprise$9,583$10,329
Domestic segment$8,890$9,569
International segment$693$760
Enterprise comparable sales % change1(6.2)% (12.1)%
Domestic comparable sales % change1(6.3)% (12.7)%
Domestic comparable online sales % change1(7.1)% (14.7)%
International comparable sales % change1(5.4)%(4.2)%
Operating Income  
GAAP operating income as a % of revenue3.6%3.6%
Non-GAAP operating income as a % of revenue3.8%4.1%
Diluted Earnings per Share (“EPS”)  
GAAP diluted EPS$1.25$1.35
Non-GAAP diluted EPS$1.22$1.54

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

Blog Q1FY24FinancialResults

25 May: Best Buy reports Q1 FY24 results

Comparable Sales Declined 10.1%

GAAP Diluted EPS of $1.11

Non-GAAP Diluted EPS of $1.15

FY24 Financial Guidance Remains Unchanged

MINNEAPOLIS, May 25, 2023 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week first quarter ended April 29, 2023 (“Q1 FY24”), as compared to the 13-week first quarter ended April 30, 2022 (“Q1 FY23”).

Click here to view full release and statements.

  Q1 FY24 Q1 FY23
Revenue ($ in millions)
Enterprise$9,467$10,647
Domestic segment $8,801$9,894
International segment$666$753
Enterprise comparable sales % change1(10.1)%(8.0)%
Domestic comparable sales % change1(10.4)%(8.5)%
Domestic comparable online sales % change1(12.1)%(14.9)%
International comparable sales % change1(5.5)%(1.4)%
Operating Income 
GAAP operating income as a % of revenue3.3%4.3%
Non-GAAP operating income as a % of revenue3.4%4.6%
Diluted Earnings per Share (“EPS”) 
GAAP diluted EPS$1.11$1.49
Non-GAAP diluted EPS$1.15$1.57

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

BBY_Q4_FY23

02 Mar: Best Buy reports Q4 FY23 results

Comparable Sales Declined 9.3%

GAAP Diluted EPS of $2.23

Non-GAAP Diluted EPS of $2.61

Increased Quarterly Dividend 5% to $0.92 per Share

Expects FY24 Non-GAAP Diluted EPS of $5.70 to $6.50

MINNEAPOLIS, March 2, 2023 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week fourth quarter ended January 28, 2023 (“Q4 FY23”), as compared to the 13-week fourth quarter ended January 29, 2022 (“Q4 FY22”).

Click here to view full release and statements.

  Q4 FY23 Q4 FY22  FY23FY22
Revenue ($ in millions)
Enterprise$14,735$16,365$46,298$51,761
Domestic segment $13,531$14,993$42,794$47,830
International segment$1,204$1,372$3,504$3,931
Enterprise comparable sales % change1(9.3)%(2.3)%(9.9)%10.4%
Domestic comparable sales % change1(9.6)%(2.1)%(10.3)%11.0%
Domestic comparable online sales % change1(13.0)%(11.2)%(13.5)%(12.0)%
International comparable sales % change1(5.7)%(3.8)%(5.4)%3.3%
Operating Income  
GAAP operating income as a % of revenue4.1%4.9%3.9%5.9%
Non-GAAP operating income as a % of revenue4.8%5.1%4.4%6.0%
Diluted Earnings per Share (“EPS”)  
GAAP diluted EPS$2.23$2.62$6.29$9.84
Non-GAAP diluted EPS$2.61$2.73$7.08$10.01

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

BBY Q3 FY23

22 Nov: Best Buy reports Q3 FY23 results

Comparable Sales Declined 10.4%

GAAP Diluted EPS of $1.22

Non-GAAP Diluted EPS of $1.38

Raises Full-Year Guidance

Resumes Share Repurchases

MINNEAPOLIS, November 22, 2022 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week third quarter ended October 29, 2022 (“Q3 FY23”), as compared to the 13-week third quarter ended October 30, 2021 (“Q3 FY22”).

Click here to view full release and statements.

  Q3 FY23  Q3 FY22
Revenue ($ in millions)
Enterprise$10,587$11,910
Domestic segment$9,800$10,985
International segment$787$925
Enterprise comparable sales % change1(10.4)%1.6%
Domestic comparable sales % change1(10.5)%2.0%
Domestic comparable online sales % change1(11.6)%(10.1)%
International comparable sales % change1(9.3)%(3.0)%
Operating Income  
GAAP operating income as a % of revenue3.4%5.6%
Non-GAAP operating income as a % of revenue3.9%5.8%
Diluted Earnings per Share (“EPS”)  
GAAP diluted EPS$1.22$2.00
Non-GAAP diluted EPS$1.38$2.08

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

BBY_Q2_FY23

30 Aug: Best Buy reports Q2 FY23 results

Comparable Sales Declined 12.1% Compared to 19.6% Growth in Q2 FY22

GAAP Diluted EPS of $1.35

Non-GAAP Diluted EPS of $1.54

MINNEAPOLIS, August 30, 2022 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week second quarter ended July 30, 2022 (“Q2 FY23”), as compared to the 13-week second quarter ended July 31, 2021 (“Q2 FY22”).

Click here to view full release and statements.

  Q2 FY23  Q2 FY22
Revenue ($ in millions)
Enterprise$10,329$11,849
Domestic segment$9,569$11,011
International segment$760$838
Enterprise comparable sales % change1(12.1)%19.6%
Domestic comparable sales % change1(12.7)%20.8%
Domestic comparable online sales % change1(14.7)%(28.1)%
International comparable sales % change1(4.2)%5.0%
Operating Income  
GAAP operating income as a % of revenue3.6%6.7%
Non-GAAP operating income as a % of revenue4.1%6.9%
Diluted Earnings per Share (“EPS”)  
GAAP diluted EPS$1.35$2.90
Non-GAAP diluted EPS$1.54$2.98

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

21 Jul: Best Buy Provides Updates On Evolution Of Employee Pay And Sales Performance

Increasing Starting Hourly Wage to $15 on Aug. 2

Quarter-to-Date Sales Up Approximately 2.5% Compared to Last Year

Sales Up Approximately 15% Compared to Last Year Since Stores
Re-opened for Customer Shopping

MINNEAPOLIS, July 21, 2020 — Best Buy Co., Inc. (NYSE: BBY) today announced updates related to employee pay evolution and Q2 FY21 quarter-to-date sales performance.

Employee Pay Evolution

The company is raising the starting hourly wage for all Domestic employees to $15 effective Aug. 2.

“Strong consumer demand, combined with shopping experiences that emphasize safety and convenience, has helped produce our sales results to date,” Best Buy CEO Corie Barry said.

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28 Apr: An Update From Best Buy CEO Corie Barry On How We Can Safely Get You What You Need

I genuinely hope you and your family are staying safe and feeling well. We all know the world continues to react to an unprecedented pandemic, and I wanted to update you on the ways in which Best Buy is evolving to meet our customers’ vital technology and appliance needs. Just as importantly, I want to share a big step forward in how we are now able to better serve you in your home.  

Across the country — in virtually every city, county and state in which there is a stay-at-home order — we have been designated an “essential” retailer.

2018_rebrand_blog_logo_LEAD_ART

15 Apr: Best Buy Provides Business Update Related To COVID-19

MINNEAPOLIS, April 15, 2020 — Best Buy Co., Inc. (NYSE: BBY) today announced business updates related to the novel coronavirus (COVID-19).

Best Buy CEO Corie Barry said, “The situation we are all facing as a result of the COVID-19 pandemic is truly unprecedented. As we previously communicated, we made the decision for the health and safety of our customers and employees to shift our stores to a temporary enhanced curbside service-only model starting March 22. At that time, we also suspended all in-home delivery, installation and repairs.”

BBY_logo_blog_header_v01

19 Mar: A Note From Best Buy CEO Corie Barry

Earlier this week, we announced changes to how Best Buy will run our business in light of the COVID-19 pandemic. Against this backdrop, I wanted to share some of my thoughts about what we’re facing and how Best Buy is responding. 

Right now, our role as a consumer electronics retailer is rapidly shifting and we are striving to make the best decisions with two goals in mind: The first is to protect our customers, employees and their families. The second is to do the best we can to serve the millions of Americans who are looking to us for increasingly vital technology tools to stay connected, as well as household necessities.