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Best Buy Co., Inc – Company Information

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best-buy-logo
Company Best Buy Co., Inc.
Headquarters 7601 Penn Avenue South Richfield, Minnesota 55423, USA
CEO  Hubert Joly
CFO Sharon L. McCollan
Industry Retailing
Founder Richard M. Schulze and Gary Smoliak
Founded 1966 (as Sound of Music)
Type Public
NYSE stock symbol BBY
Revenue $40,339 billion (2015)
Net income $1,233 million (2015)
Earnings per share $3.49 USD (2015)
Employees 125,000 (2015)
Website http://www.bestbuy.com/
Investor relations contact number: (866) 758-1457

Best Buy Co., Inc. is a multinational electronics retailer based in Richfield, Minnesota, USA.

The company currently has operations in the US, Canada, Mexico, and China.

It was founded in 1966 by Richard M. Schulze and Gary Smoliak as an audio appliance store under the name Sound of Music.

It was not until the 1980’s that the company began to significantly expand its product line of consumer electronics and in 1983 they renamed the company as Best Buy Company, Inc.

Best Buy Co., Inc. went public on the New York Stock Exchange in 1987.

The company’s stores sell a variety of products, including: TVs, DVDs, Blu-ray players and discs, cell phones, video games, cameras, stereos, and home appliances (such as refrigerators and washing machines). 

Best Buy reports more than 600 million visits to its U.S. stores each year and its website, BestBuy.com, is one of the top ten retail websites in the country.

There are over 125,000 people working for Best Buy globally.


Income statement data (in $ millions) 20141 20132
Revenue $40,339 $40,611
Cost of goods sold $31,292 $31,212
Gross profit $9,047 $9,399
Selling, general and administrative expenses $7,592 $8,106
Operating income $1,450 $1,144
Earnings from continuing operations before taxes $1,387 $1,083
Net earnings attributable to Best Buy Co., Inc $1,233 $532
Comprehensive income attributable to Best Buy Co., Inc shareholders $1,123 $912
Balance sheet data (in $ millions)

Assets $15,256 $14,013
Long-Term Debt $1,580 $1,612
Equity $5,000 $3,989
Common share data (in $)
Earnings per Common Share – Basic $3.53 $1.56
Earnings per Common Share – Diluted $3.49 $1.53
Cash flow data (in $ millions)
Total cash provided by operating activities $1,935 $1,094
Total cash used in investing activities $(1,712) $(517)
Total cash provided by (used) in financing activities $(223) $319
Cash and cash equivalents balance at beginning of year $2,678 $1,826
Cash and cash equivalents balance at end of year $2,626 $2,678

Year Ended January 31
Year Ended February 1
Source: “Best Buy Co., Inc. Form 10-K 2015”