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.
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.
Best Buy (NYSE:BBY) announced the appointment of Mario J. Marte to its Board of Directors, effective immediately. Marte, currently the Chief Financial Officer of Chewy, Inc., brings over 20 years of experience in finance, with expertise in financial planning, risk management, and strategy. He played a significant role in Chewy's successful IPO in 2019 and has held senior positions at Hilton Worldwide and American Airlines. CEO Corie Barry highlighted Marte's diverse and strategic thinking as a valuable addition to Best Buy as it pursues its 2025 goals.
Best Buy is enhancing shopping convenience during the holiday season with expanded options. Customers can now utilize contactless curbside pickup extended hours, often retrieving orders within an hour. New same-day delivery options and partnerships with delivery services like Instacart allow quicker access to products. The company has designated 340 stores as ship-from-store hubs, optimizing order fulfillment. Additionally, alternate pickup locations have increased to 16,000, ensuring accessibility for 80% of the U.S. population, while prioritizing safe shopping practices.
Best Buy Co., Inc. (NYSE:BBY) has announced a quarterly cash dividend of $0.55 per common share, reflecting the company's commitment to returning value to its shareholders. This dividend is payable on January 5, 2021, to shareholders on record as of December 15, 2020. As of October 31, 2020, Best Buy had 258,931,526 shares of common stock issued and outstanding.
Best Buy Co. (NYSE: BBY) reported impressive Q3 FY21 results, with total revenue reaching $11.85 billion, up 21.3% year-over-year. Comparable sales surged 23%, benefitting from strong online sales growth of 173.7%. The company's GAAP diluted EPS rose to $1.48, compared to $1.10 in Q3 FY20. Despite challenges, they anticipate continued elevated demand, while cautioning uncertainty due to the pandemic. Best Buy also announced a $40 million donation to the Best Buy Foundation and plans to resume share repurchases in Q4 FY21.
Best Buy announces its Black Friday ad, featuring thousands of deals on popular tech items such as TVs, laptops, and gaming systems. Discounts include $150 off a Lenovo Core i3 laptop and $250 off Samsung 70-inch 4K Smart TVs, with prices starting as low as $99. The sales are ongoing and include multiple promotions throughout November, culminating in full Black Friday deals on November 22. Best Buy is emphasizing safe shopping practices including contactless curbside pickup and same-day delivery, while its stores will remain closed on Thanksgiving Day.
Best Buy is launching its Black Friday sales early on Oct. 13 and 14, featuring deals such as a 70-inch Samsung 4K Smart TV for $529.99. Customers can benefit from a Black Friday price guarantee, ensuring they receive a refund if prices drop before the holiday itself. New shopping options include contactless curbside pickup, same-day delivery, and extended holiday returns until Jan. 16, 2021. The company emphasizes safety protocols, including face masks and limited store capacities, to ensure a safe shopping experience.