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42	42	Best Buy has reported $46,298 million revenue in FY23 which was $51,761 million in FY22. The reasons behind the decline of 10.6% is that there was stronger demand in FY21 and FY22 due to the pandemic, the consumers shifted afterwards towards travel and entertainment instead of spending in durable goods, and the pressure of high inflation. Gross profit during FY23 is $9,912 million and $11,640 million a year earlier. Net earnings for the year are $1,419 million and $2,454 million, respectively.
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44		-Total current assets reported by the company on January 28, 2023 is $8,802 million as compared to $10,539 million a year earlier. Total assets of the company is $15,803 million as compared to $17,504 million a year earlier. The company had no preferred stock issued and o
	44	+Total current assets reported by the company on January 28, 2023 is $8,802 million as compared to $10,539 million a year earlier. Total assets of the company is $15,803 million as compared to $17,504 million a year earlier. The company had no preferred stock issued and outstanding at the end of this year. Shares of common stock outstanding for the years are 218.1 million and 227.4 million, respectively.
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	46	+Total cash provided by operating activities during the years are $1,824 million and $3,252 million, respectively. Cash used in investing activities during the fiscal year ended January 28, 2023 is $
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47	47	= Business Overview =
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49	49	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.