Best Buy Co., Inc.
Summary
Brief Company Overview
Best Buy Co., Inc. is an American multinational consumer electronics retailer established in 1966 in Minnesota originally as an audio specialty store called Sound of Music. The company rebranded under its current name in 1983 with a focus on consumer electronics. The company operates both in domestic and international markets. There are six revenue categories - computing and mobile phones, consumer electronics, appliances, entertainment, services, and other.
At the end of the fiscal year 2023, ended January 28, Best Buy employed more than 90,000 employees in the U.S. and Canada. Of the total employees, 58% are full-time employees, 32% are part-time and 10% are seasonal/occasional employees. The company has two reportable segments - domestic and international. The Domestic segment is comprised of the operations in all states, districts and territories of the U.S. and Best Buy Health business, and includes the brand names Best Buy, Best Buy Ads, Best Buy Business, Best Buy Health, CST, Current Health, Geek Squad, Lively, Magnolia, Pacific Kitchen and Home, TechLiquidators and Yardbird and the domain names bestbuy.com, currenthealth.com, lively.com, techliquidators.com and yardbird.com. And the International segment is comprised of all operations in Canada under the brand names Best Buy, Best Buy Mobile and Geek Squad and the domain name bestbuy.ca.
Recent Developments
- In fiscal 2022, we acquired all of the outstanding shares of Current Health Ltd. (“Current Health”) and Two Peaks, LLC d/b/a Yardbird Furniture (“Yardbird”).
- During November, 2020, Best Buy announced its exit from Mexico - a place where it has comparatively the smallest operation with 49 stores.1 The decision came amid escalation of Covid-19 cases. The closure was completed by the end of first quarter of fiscal 2022 (end of February 2021).
