Best Buy Co., Inc. is a retailer of technology products and services, operating an omnichannel platform in the U.S. and Canada. The company's core business model involves providing a combination of tech expertise and a human touch to meet customers' needs, whether online, in stores, or in their homes. Best Buy's primary revenue streams come from the sale of consumer electronics, computing and mobile phones, appliances, entertainment products, and related services. The company aims to personalize and humanize technology solutions for every stage of life. Best Buy's competitive advantages include its omnichannel capabilities, strong vendor partnerships, and service and support offerings.

• Employees: More than 85,000 (as of February 3, 2024)
• Geographic Footprint: U.S. and Canada
• Headquarters: Richfield, Minnesota
• Founded: 1966
• Number of locations/facilities: 1,125 stores (as of February 3, 2024)
• Revenue: $43.5 billion (FY2024)
• Key Subsidiaries/Brands: Best Buy, Best Buy Ads, Best Buy Business, Best Buy Health, CST, Current Health, Geek Squad, Lively, Magnolia, Pacific Kitchen and Home, TechLiquidators, Yardbird

• CEO: Corie S. Barry
• CFO: Matt Bilunas
• General Counsel and Chief Risk Officer: Todd G. Hartman
• Senior Executive Vice President of Human Resources, Corporate Affairs and Canada: Kamy Scarlett
• Senior Executive Vice President of Customer Offerings and Fulfillment: Jason Bonfig
• Senior Executive Vice President of Customer, Channel Experiences & Enterprise Services: Damien Harmon
• Senior Vice President, Controller and Chief Accounting Officer: Mathew R. Watson

Corie S. Barry has been CEO since 2019. Matt Bilunas has been CFO since 2019. Key executives have extensive experience in retail, finance, and technology.

• Annual Revenue: $43.5 billion (FY2024)
• Net Income: $1.2 billion (FY2024)
• Total Assets: $15.0 billion (as of February 3, 2024)
• Employees: More than 85,000 (as of February 3, 2024)
• Key Financial Highlights: Comparable sales declined by 6.8% in fiscal 2024. Digital sales comprised 33% of Domestic revenue.

Best Buy offers a wide range of products and services across several categories:

• Computing and Mobile Phones: Desktops, notebooks, peripherals, mobile phones, networking, tablets, and wearables.
• Consumer Electronics: Digital imaging, health and fitness products, home theater, portable audio, and smart home products.
• Appliances: Large and small appliances.
• Entertainment: Drones, gaming hardware, peripherals, software, movies, toys, and virtual reality.
• Services: Delivery, health-related services, installation, memberships, repair, set-up, technical support, and warranty-related services.
• Other: Baby, food and beverage, and outdoor living products.

Best Buy operates through two reportable segments:

• Domestic: Operations in all U.S. states, districts, and territories, including the Best Buy Health business.
• International: All operations in Canada.

In fiscal 2024, the Domestic segment generated $40.1 billion in revenue, while the International segment generated $3.4 billion.

Best Buy's current strategic priorities include:

• Maintaining a leading position in an evolving retail landscape by adapting omnichannel capabilities.
• Investing in the store experience to meet changing customer shopping behaviors.
• Efficiently allocating labor costs and providing employees with flexibility and growth opportunities.
• Growing its membership base and enhancing its membership program.
• Focusing on sharpening customer experiences and industry positioning while maintaining profitability.

The company's long-term business goals involve continuing to innovate and adapt to the evolving technology landscape, while maintaining a strong focus on customer needs.

Best Buy operates in the consumer electronics retail industry. Key market trends affecting the business include:

• Increasingly digital sales and the use of mobile applications.
• The need for faster, guaranteed delivery times.
• Constant technological innovation and disruption, including artificial intelligence.
• Macroeconomic pressures impacting consumer spending.

Major competitors include multi-channel retailers, e-commerce businesses, technology service providers, traditional store-based retailers, vendors, and mobile network carriers. Best Buy maintains a competitive advantage through its omnichannel capabilities, service offerings, and strong vendor partnerships.

• External Risks: Macroeconomic pressures, geopolitical issues, and catastrophic events, including climate change, may adversely affect consumer spending and the company's financial results.
• Strategic Risks: Intense competition from various retailers and vendors, and the failure to attract, retain, and engage qualified employees.
• Operational Risks: Interruptions to the supply chain, reliance on key vendors and mobile network carriers, and the failure to effectively manage the real estate portfolio.
• Regulatory and Legal Risks: Compliance with complex and evolving laws and regulations, including those related to data privacy, cybersecurity, and corporate responsibility.
• Financial and Market Risks: Failure to effectively manage costs, reliance on the holiday shopping season, and constraints in the capital markets.