Welcome to our dedicated page for Best Buy news (Ticker: BBY), a resource for investors and traders seeking the latest updates and insights on Best Buy stock.
Best Buy Co., Inc. reports news about its consumer electronics retail business, including merchandise categories such as computing and mobile phones, consumer electronics, appliances, entertainment and services. The company operates through Domestic and International segments and generates most revenue from its Domestic business.
Recurring updates cover quarterly operating results, comparable sales commentary, cash dividends, membership programs such as My Best Buy Plus and My Best Buy Total, credit-card rewards, seasonal promotions, fulfillment options and store and digital customer experience initiatives. Corporate news also includes board composition, executive leadership and investor conference participation.
Amazon (NASDAQ: AMZN) and Best Buy (NYSE: BBY) unveiled the Insignia F50 Series Fire TVs, enhancing their three-year collaboration. The new TVs feature 4K Ultra HD resolution, Dolby Vision HDR, and integrated Alexa for a superior entertainment experience. With millions of TVs sold and an average rating of 4.4 stars, the Insignia line continues to be a market favorite. Customers can also benefit from a new in-store pickup option for online orders at Best Buy, further simplifying their shopping experience. The F50 Series will be available at Best Buy and Amazon later this summer.
Best Buy has announced a commitment to spend at least $1.2 billion with BIPOC and diverse businesses by 2025. This initiative includes increasing spending in various sectors, dedicating 10% of its annual media budget to BIPOC media, and ensuring that 30% of paid advertising features diverse representation. Additionally, Best Buy aims to support BIPOC businesses through its retail capabilities and by partnering with organizations that promote BIPOC representation in tech. This pledge follows previous commitments to address racial and social equity.
The Board of Directors of Best Buy Co. (NYSE:BBY) has announced a regular quarterly cash dividend of $0.70 per common share. This dividend will be paid on July 8, 2021, to shareholders on record as of the close of business on June 17, 2021. As of May 1, 2021, there were 250,407,343 shares of common stock outstanding.
Best Buy (NYSE: BBY) reported strong financial results for Q1 FY22, ending May 1, 2021. Revenue reached $11.64 billion, a 36.6% increase from $8.56 billion in Q1 FY21. Operating income rose to 6.6% of revenue, with GAAP diluted EPS at $2.32 vs. $0.61 a year ago. Comparable sales surged 37.2%, driven by high demand for technology products. The company raised its FY22 comparable sales growth outlook to 3%-6%. Q1 FY22 saw online revenue increase by 7.6%, yet it represented a smaller portion of total sales compared to last year.
Best Buy Health has launched the Lively Smart, a user-friendly smartphone aimed at older adults, featuring a large 6.2-inch screen and easy access to essential functions. The device includes urgent and non-urgent response capabilities and offers a Preferred Health & Safety package with services like Urgent Response and Urgent Care. Priced at $149.99 plus monthly service, Lively Smart is part of Best Buy's broader assortment for the active aging demographic. This initiative underscores Best Buy's commitment to enhancing the lives of older adults through technology.
Best Buy has committed $10 million to establish a Community Impact Hub in Los Angeles, part of its five-year plan for community development. Collaborating with the Annenberg Foundation and the Greater LA Education Foundation, Best Buy aims to create up to 12 new Teen Tech Centers by 2023, enhancing career opportunities for local youth. This initiative targets about 3,000 LA-area youth annually, offering training in high-demand careers within the creative and entertainment sectors. The launch will feature a virtual event on May 19 with Eva Longoria Bastón and a performance by Common.
Best Buy Health is introducing Lively Health & Safety Services for Apple Watch users, enhancing safety for older adults. The services, accessible via the Lively app, include 24/7 Urgent Response and Urgent Care, allowing users to receive immediate help from trained agents or medical professionals. A new Live Agent Assist feature will soon activate after detecting a hard fall, ensuring user safety. Users can get discounts on Apple Watch purchases when subscribing to a two-year health plan. Best Buy Health aims to enrich lives through technology and improve health connections.
Best Buy Co., Inc. (NYSE:BBY) has appointed Steven E. Rendle to its board of directors, effective March 18. Rendle, the chairman, president, and CEO of VF Corp, brings over 35 years of experience in the specialty outdoor and action sports industry. His leadership is recognized for guiding VF Corp through significant transformations focused on purpose and profit. Best Buy CEO Corie Barry highlighted Rendle's extensive retail experience and understanding of social issues as critical for the company's strategic goals and consumer connections.
Best Buy Co. (NYSE:BBY) has announced a quarterly cash dividend of $0.70 per common share, payable on April 8, 2021. This dividend targets shareholders of record as of March 18, 2021. As of January 30, 2021, the company had 256,938,020 shares outstanding. This payment reflects Best Buy's commitment to returning value to its shareholders amidst its ongoing business operations.
Best Buy Co. announced its Q4 FY21 results, reporting a revenue of $16.94 billion, up 11.5% year-over-year, primarily driven by strong online sales growth of 89.3%, contributing to 43.2% of total domestic revenue. The company recorded a GAAP diluted EPS of $3.10 and a non-GAAP diluted EPS of $3.48. Operating income margins were stable, though gross profit rates declined due to increased supply chain costs. Looking ahead, Best Buy projects FY22 comparable sales growth between -2% to +1%, amid uncertainty from the pandemic's impacts on consumer behavior. Share repurchase authorization was raised by $5 billion.