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|
|Cost of goods sold||$31,292||$31,212|
|Selling, general and administrative expenses||$7,592||$8,106|
|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)
|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|
1 Year Ended January 31
2 Year Ended February 1
Source: “Best Buy Co., Inc. Form 10-K 2015”