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26	26	* For the Q1 of fiscal 2024 ended April 29, 2023, Best Buy's board authorized a quarterly dividend of $0.92 per common share. The company had 218,499,262 shares of common stock issued and outstanding as of April 29, 2023.{{footnote}}https://investors.bestbuy.com/investor-relations/news-and-events/financial-releases/news-details/2023/Best-Buy-Announces-Regular-Quarterly-Cash-Dividend-2b727fa3e/default.aspx{{/footnote}}
27	27	* In Q1 FY24, Best Buy repurchases shares of $79 million.{{footnote}}https://investors.bestbuy.com/investor-relations/news-and-events/financial-releases/news-details/2023/Best-Buy-Reports-First-Quarter-Results/default.aspx{{/footnote}}
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	29	+= Financial Performance Highlights =
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	31	+== Q1 2024 Highlights ==
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	33	+During the first quarter of the fiscal year ended April 29, 2023, Best Buy has reported total revenue of $9,467 million which was $10,647 million during the corresponding period a year earlier. Gross profit of the company during the periods are $2,150 million and $2,353 million, respectively. Gross profit margin is 22.7% and 22.1% for the periods, respectively. Operating income of the company is $311 in the Q1 of FY24, which was $462 million during the first quarter a year earlier. Net earnings reported by the company is $244 million and $341 million for the periods, respectively. Diluted earnings per share is $1.11 and $1.49, respectively.
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	35	+In the first quarter of FY24,
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	39	+
	40	+== Annual Performance Highlights ==
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29	29	= Business Overview =
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31	31	The business of Best Buy is divided into two segments - domestic and international. Both segments operate an omnichannel platform that allows customers to come to online, to visit stores or to invite the company personnel to their homes. The activities of the company like development of merchandise and service offerings, pricing and promotions, procurement and supply chain, online and mobile application operations, marketing and advertising and labor deployment across all channels are centrally managed. Support and logistics activities like human resources, finance, information technology, and real estate management are managed from the corporate headquarters. The retail stores of the company have procedures for inventory management, asset protection, transaction processing, customer relations, store administration, product sales and services, staff training and merchandise display that are largely standardized. All stores generally operate under standard procedures with a degree of flexibility for store management to address certain local market characteristics. Day-to-day operations of the stores are led by the store management however more strategic decisions regarding, for example, store locations, format, category assortment and fulfillment strategy are addressed at a market or regional level.
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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.
	62	+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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	64	+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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	66	+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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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.