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Best Buy Co Inc BBY Stock Quote

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Morningstar‘s Stock Analysis BBY

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Best Buy Set for a Few Turbulent Quarters but Underlying Business Remains Quite Strong

Sean Dunlop Equity Analyst

Business Strategy and Outlook

| Sean Dunlop |

We believe Best Buy is taking adequate steps to shore up its competitive position in an intensely competitive consumer electronics space. As the industry emerges from the shadow of the coronavirus, it has become clear that how people shop has permanently changed—with customers demanding seamless omnichannel access to favorite brands, quick fulfillment, and tech solutions to more problems than ever before. As a result, Best Buy's strategic positioning continues to resonate, with the firm leveraging its store footprint for fulfillment and post-sale services, emphasizing its differentiated service offering, and experimenting with newer store formats, as the "one size fits all" retail model across trade areas appears antiquated. The firm's digital sales volume more than doubled during the pandemic, and with 31% of sales derived from that channel through three quarters of calendar 2022 we expect the shift to stick, even as some spending returns to on-premises occasions.

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Company Profile BBY

Business Description

With $51.8 billion in fiscal 2022 sales, Best Buy is the largest pure-play consumer electronics retailer in the U.S., with roughly 10.6% share of the aggregate market and north of 40% share of offline sales, per our calculations, CTA, and Euromonitor data. The firm generates the bulk of its sales in-store, with mobile phones and tablets, computers, and appliances representing its three largest categories. Recent investments in e-commerce fulfillment, accelerated by the COVID-19 pandemic, have seen the U.S. e-commerce channel roughly double from prepandemic levels, with management estimating that it will represent a mid-30% proportion of sales moving forward.

7601 Penn Avenue South
Richfield, MN, 55423
T +1 612 291-1000
Industry Specialty Retail
Most Recent Earnings Jul 31, 2022
Fiscal Year End Jan 29, 2023
Employees 105,000

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