Best Buy Inc Stock Price, News & Analysis

Best Buy is gearing up for the holiday season with a revamped shopping schedule, including Black Friday deals starting on October 19. Customers can expect significant discounts on popular tech items such as a Samsung 70-inch 4K Smart TV priced at $599 and Beats Studio 3 headphones at $169. The Black Friday Price Guarantee ensures that customers will receive refunds if prices drop before Black Friday. Additionally, Best Buy will implement various shopping options, including curbside pickup and next-day delivery, to enhance customer convenience.

Best Buy has launched its new Totaltech membership program nationwide for $199.99 annually. This program offers unlimited Geek Squad support, 24/7 VIP service, exclusive member pricing, and various product protection benefits. Members will also enjoy special deals during the holiday season, including access to hard-to-find products and exclusive Member Monday events starting October 18. Current members of related services will automatically upgrade to Totaltech membership.

Amazon and Best Buy have launched new smart TVs featuring Fire TV built-in from Pioneer and Toshiba. The Pioneer series includes 4K UHD options in 43” and 50” sizes, set to ship late September and early November, respectively. The Toshiba series features far-field voice capabilities via Alexa and will be available in larger sizes, launching in Spring 2022. This collaboration expands the existing range of over 80 Fire TV models since 2018, responding to increased consumer demand with millions sold and average ratings of 4.4 stars.

Best Buy is expanding its offerings with a new lineup of electric transportation products, including e-bikes, scooters, and mopeds. This collection features top brands like Unagi, Bird, Segway-Ninebot, SUPER73, and SWFT, available on BestBuy.com and select stores starting in October. Customers can take advantage of savings up to $300 during the upcoming Labor Day Sale, commencing on September 3. Additionally, Geek Squad offers home assembly services for select e-bikes for $99.99.

The Board of Directors of Best Buy (NYSE:BBY) has announced a quarterly cash dividend of $0.70 per common share. This dividend will be payable on October 5, 2021, to shareholders on record as of September 14, 2021. As of July 31, 2021, the company had a total of 247,336,600 shares outstanding.

Best Buy Co., Inc. (NYSE: BBY) reported robust Q2 FY22 results, with enterprise comparable sales increasing by 20% and GAAP diluted EPS rising 76% to $2.90. Revenue reached $11.85 billion, a 20% increase from the previous year. The company has raised its full-year sales growth outlook to 9% to 11%, up from 3% to 6%. Online sales, however, fell 28.1%. For Q3 FY22, Best Buy expects revenue between $11.4 billion and $11.6 billion with a comparable sales decline of -1% to -3%.

Best Buy has committed up to $10M to Brown Venture Group LLC's inaugural fund aimed at supporting Black, Latino, and Indigenous technology entrepreneurs. This commitment is part of Best Buy's broader strategy to spend at least $1.2 billion with diverse businesses by 2025. The partnership emphasizes collaboration with communities of color to foster economic growth and innovation. Brown Venture Group, established in 2018, aims to raise $50 million to invest in underrepresented entrepreneurs and will leverage local startup talent for investments across various tech industries.

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.