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43	43	services; and
44	44	//Other// - other product offerings, including baby, food and beverage, luggage, outdoor living and sporting goods.
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46		-Best Buy purchases its merchandise from a variety of suppliers. In fiscal 2023, about 79% of its merchandises are sourced from 20 largest suppliers - top 5 suppliers representing 57%. Five largest suppliers of the company are Apple, Samsung, HP, LG and Sony. The company usually does not have any long-term binding contracts with the suppliers. Best Buy continuously monitors consumer demand, adjusts inventory and price levels, enters agreements with vendors regarding sales discount and return privilege of certain products. The company also has a global sourcing operation to design, develop, test and contract-manufacture exclusive brands products.
	46	+Best Buy purchases its merchandise from a variety of suppliers. In fiscal 2023, about 79% of its merchandises are sourced from 20 largest suppliers - top 5 suppliers representing 57%. Five largest suppliers of the company are Apple, Samsung, HP, LG and Sony. The company usually does not have any long-term binding contracts with the suppliers. Best Buy continuously monitors consumer demand, adjusts inventory and price levels, enters agreements with vendors regarding sales discount and return privilege of certain products. The company also has a global sourcing operation to design, develop, test and contract-manufacture exclusive brands products. Most merchandise is shipped directly from manufacturers to company's distribution centers.
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	48	+Customers who avail the option to purchase products online can pick up the products at a Best Buy store (including curbside pick-up for select products at most Domestic stores), or at an alternative pick-up location or can take delivery directly at their homes. At the end of fiscal 2023, Best Buy had 1,138 stores under both the segments. The stores are a part of the company's omnichannel strategy. Best Buy also has the concept of store-within-as-store that allows closer vendor partnerships and a higher quality customer experience.
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	50	+The company has seasonality in its business. A large proportion of their revenue and earnings is generated in the fiscal fourth quarter, which includes the majority of the holiday shopping season.
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	56	+
54	54	= Company History =
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56	56	Richard Schulze and his business partners opens up Sound of Music store in St. Paul, Minnesota, USA in 1966. The company acquires Kencraft Hi-Fi Company and Bergo Company in 1967. Sound of Music becomes a publicly traded company a year after and it opens three stores in the Twin Cities area. By 1970, the company hits the $1 million mark in annual revenue. After a decade of expansion, in 1983, the board of directors of the company approves a new corporate name, Best Buy Co., Inc. in 1983. The company with changed name issues IPO on the Nasdaq in 1985 to raise $8 million. Another public stock offering in the following year raises $33.6 million, which helped a 12-store expansion for the company.