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Best Buy Q2 FY18 results

  • Enterprise Comparable Sales Increased 5.4%
  • GAAP Diluted EPS of $0.67 Increased 20%
  • Non-GAAP Diluted EPS of $0.69 Increased 21%

MINNEAPOLIS, 2017-Aug-31 — /EPR Retail News/ — Best Buy Co., Inc. (NYSE: BBY) today (August 29, 2017) announced results for the second quarter ended July 29, 2017 (“Q2 FY18”), as compared to the second quarter ended July 30, 2016 (“Q2 FY17”). The company reported GAAP diluted earnings per share from continuing operations of $0.67, an increase of 20% from $0.56 in Q2 FY17. Non-GAAP diluted earnings per share from continuing operations were $0.69, an increase of 21% from $0.57 in Q2 FY17.

“We are pleased today to report strong top and bottom line growth for the second quarter of fiscal 2018,” said Hubert Joly, Best Buy chairman and CEO. “Our higher-than-expected comparable sales of 5.4% were driven by stronger consumer demand for technology products and by the strong execution of our strategy. Against a backdrop of continued healthy consumer confidence, we believe broad-based product innovation is resonating with consumers and driving higher spend. And, with our effective merchandising and marketing activities, combined with our expert advice and service available online, in-store and in-home – we are garnering an increasing share of those dollars.”

Joly continued, “I want to thank all our associates across the U.S., Canada and Mexico for their hard work, dedication and customer focus as we Build the New Blue. Without them, none of this is possible.”

Best Buy CFO Corie Barry commented, “Today we are raising our topline guidance and are now expecting full year FY18 revenue growth of approximately 4.0% versus our previous outlook of 2.5%. On the profitability side, we are now expecting full year non-GAAP operating income growth 3 of 4.0% to 9.0% versus our previous outlook of 3.5% to 8.5% growth. This updated guidance reflects stronger-than-originally-expected second half revenue performance with profitability roughly in line with our previous expectations. The increased topline expectations are being driven by the anticipation of continued positive industry and consumer momentum, coupled with the impact of product launches. From a profitability perspective, while our original full year guidance anticipated an increased level of investments for FY18, we have made strategic decisions to proactively make additional Q3 and Q4 investments to continue to drive our Best Buy 2020 strategy forward.”

FY18 Financial Guidance

Note: FY18 has 53 weeks compared to 52 weeks in FY17. The extra week occurs in Q4 FY18.

Best Buy is providing the following Q3 FY18 financial outlook:

  • Enterprise revenue of $9.3 billion to $9.4 billion
  • Enterprise comparable sales growth of 4.5% to 5.5%
  • Domestic comparable sales growth of 4.5% to 5.5%
  • International comparable sales change of flat to 3.0%
  • Non-GAAP effective income tax rate of 32.0% to 32.5%3
  • Diluted weighted average share count of approximately 305 million
  • Non-GAAP diluted EPS of $0.75 to $0.803

Best Buy is updating its full year FY18 financial outlook to the following:

  • Enterprise revenue growth of approximately 4.0%
  • Enterprise non-GAAP operating income growth rate of 4.0% to 9.0%3
  • Enterprise non-GAAP effective income tax rate of approximately 34.5%3
  • On a 52-week basis, Enterprise revenue growth of approximately 2.5%
  • On a 52-week basis, Enterprise non-GAAP operating income growth rate of 2.0% to 6.0%3

Domestic Segment Second Quarter Results

Domestic Revenue
Domestic revenue of $8.3 billion increased 4.9% versus last year driven by comparable sales growth of 5.4%, partially offset by the loss of revenue from 11 large format and 42 Best Buy Mobile store closures.

From a merchandising perspective, comparable sales growth in computing, wearables, smart home, mobile phones and appliances was partially offset by declines in tablets.

Domestic online revenue of $1.1 billion increased 31.2% on a comparable basis primarily due to higher conversion rates and increased traffic. As a percentage of total Domestic revenue, online revenue increased 260 basis points to 13.2% versus 10.6% last year.

Domestic Gross Profit Rate
Domestic GAAP and non-GAAP gross profit rates were flat versus last year at 24.0% as improved margin rates across multiple categories, particularly in appliances, tablets and home theater, were offset by (1) margin pressure in the mobile category; (2) the negative impact of higher sales in the lower-margin wearables category; and (3) an approximately 10-basis point negative impact from lapping the $11 million Q2 FY17 periodic profit sharing benefit from our service plan portfolio.4

Domestic Selling, General and Administrative Expenses (“SG&A”)
Domestic GAAP and non-GAAP SG&A expenses were $1.67 billion, or 20.2% of revenue, versus $1.61 billion, or 20.4% of revenue, last year. GAAP and non-GAAP SG&A both increased $61 million primarily due to (1) expected increases in growth investments; (2) higher incentive compensation expenses; and (3) higher variable costs due to increased revenue. These increases were partially offset by the flow-through of cost reductions. The rate decrease was driven by sales leverage.

International Segment Second Quarter Results

International Revenue
International revenue of $668 million increased 3.7% driven primarily by comparable sales growth of 4.7% due to growth in both Canada and Mexico. The comparable sales growth was partially offset by approximately 220 basis points of negative foreign currency impact.

International Gross Profit Rate
International GAAP and non-GAAP gross profit rate was 25.1% versus 25.9% last year. The 80-basis point decline was primarily driven by a lower year-over-year gross profit rate in Canada due to lower rates in the computing and appliance categories.

International SG&A
International SG&A expenses were $161 million, or 24.1% of revenue, versus $165 million, or 25.6% of revenue, last year. Non-GAAP SG&A expenses were $161 million, or 24.1% of revenue, versus $164 million, or 25.5% of revenue, last year. The GAAP and non-GAAP decreases were primarily driven by slightly lower payroll and benefits costs. The rate decrease was primarily driven by sales leverage.

Share Repurchases and Dividends

During Q2 FY18, the company returned a total of $501 million to shareholders through share repurchases and dividends. On a year-to-date basis, the company has returned a total of $979 million to shareholders through share repurchases and dividends.

On March 1, 2017, the company announced the intent to repurchase $3 billion of its shares over a two-year period. In Q2 FY18, the company repurchased 7.3 million shares for a total of $398 million. On a year-to-date basis, the company has repurchased 15.4 million shares for a total of $771 million. The company’s cumulative share repurchases, net of dilution from equity based awards, positively benefitted GAAP and non-GAAP diluted EPS by approximately $0.02 in Q2 FY18.

On July 6, 2017, the company paid a quarterly dividend of $0.34 per common share outstanding, or $103 million.

Income Taxes – Adoption of Stock-Based Compensation Accounting Changes

In Q1 FY18, the company adopted Accounting Standards Update (ASU) 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which now requires all differences between the tax value and the book value for stock-based compensation to be recognized as either income tax expense or benefit as the shares vest or options are exercised or cancelled. The impact of this change on Q2 FY18 was a benefit of approximately $2 million, or $0.01 of non-GAAP diluted EPS. The year-to-date impact as of Q2 FY18 was a benefit of approximately $4 million, or $0.01 of non-GAAP diluted EPS. Future impacts could be positive or negative depending on the stock price, shares vested, or options exercised or cancelled in a given quarter. The company’s current expectation is that the full year impact will be a benefit to income tax expense and, based on current projections, is the primary driver of the lower FY18 non-GAAP effective income tax rate of approximately 34.5% that the company guided today, versus previous guidance of 35.5%.3

Conference Call

Best Buy is scheduled to conduct an earnings conference call at 8:00 a.m. Eastern Time (7:00 a.m. Central Time) on August 29, 2017. A webcast of the call is expected to be available at www.investors.bestbuy.com both live and after the call.

Investor Day

Best Buy is hosting an investor day on September 19, 2017 from 2:00 to 6:00 p.m. Eastern Time (1:00 to 5:00 p.m. Central Time) at its corporate campus to provide more detail regarding the next phase of Best Buy’s transformation: Best Buy 2020: Building the New Blue. A webcast of the presentations and question and answer session will be available at www.investors.bestbuy.com both live and after the event.

(1) Beginning in Q1 FY18, the company will no longer be excluding non-restructuring property and equipment impairment charges from its non-GAAP financial metrics. When the company began to execute its Renew Blue transformation in Q4 FY13, it adopted a change to non-GAAP reporting to exclude non-restructuring property and equipment impairment charges from non-GAAP results. From that point, until Q4 FY17, the company believed that reporting non-GAAP results that excluded these charges provided a supplemental view of the company’s ongoing performance that was useful and relevant to its investors. Now that Renew Blue has ended and Best Buy 2020: Building The New Blue has officially launched, the company believes it is no longer necessary to adjust for non-restructuring property and equipment impairments in its non-GAAP reporting. The company believes that future such impairments will predominantly be immaterial and incurred in the ordinary scope of ongoing operations. Accordingly, commencing in Q1 FY18, the company began to no longer adjust for non-restructuring property and equipment impairments. Prior-period financial information included herein has been recast to conform with this presentation, including applicable income tax effects. A complete GAAP to non-GAAP reconciliation for FY16 and FY17, by quarter, is available on the company’s investor relations website at www.investors.bestbuy.com.

(2) On March 28, 2015, the company consolidated the Future Shop and Best Buy stores and websites in Canada under the Best Buy brand. This resulted in the permanent closure of 66 Future Shop stores, the conversion of 65 Future Shop stores to Best Buy stores and the elimination of the Future Shop website. The Canadian brand consolidation had a material impact on a year-over-year basis on the Canadian retail stores and the website and, as such, all store and website revenue was removed from the comparable sales base and International (comprised of Canada and Mexico) did not have a comparable metric from Q1 FY16 through Q3 FY17. From Q1 FY16 through Q3 FY17 Enterprise comparable sales were equal to Domestic comparable sales.

Beginning in Q4 FY17, the company resumed reporting International comparable sales and as such, Enterprise comparable sales are once again equal to the aggregation of Domestic and International comparable sales.

(3) A reconciliation of the projected non-GAAP operating income, non-GAAP effective tax rate and non-GAAP diluted EPS, which are forward-looking non-GAAP financial measures, to the most directly comparable GAAP financial measures, is not provided because the company is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. These GAAP measures may include the impact of such items as restructuring charges; litigation settlements; goodwill impairments; gains and losses on investments; and the tax effect of all such items. Historically, the company has excluded these items from non-GAAP financial measures. The company currently expects to continue to exclude these items in future disclosures of non-GAAP financial measures and may also exclude other items that may arise (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments, such as a decision to exit part of the business or reaching settlement of a legal dispute, are inherently unpredictable as to if or when they may occur. For the same reasons, the company is unable to address the probable significance of the unavailable information, which could be material to future results.

(4) In Q2 FY17, the Domestic business recorded an $11 million periodic profit sharing benefit from its services plan portfolio. In Q2 FY18, there was no equivalent profit sharing benefit recorded.

Forward-Looking and Cautionary Statements:
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that reflect management’s current views and estimates regarding future market conditions, company performance and financial results, business prospects, new strategies, the competitive environment and other events. You can identify these statements by the fact that they use words such as “anticipate,” “believe,” “assume,” “estimate,” “expect,” “intend,” “project,” “guidance,” “plan,” “outlook,” and other words and terms of similar meaning. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: macro-economic conditions (including fluctuations in housing prices, oil markets and jobless rates), conditions in the industries and categories in which the company operates, changes in consumer preferences or confidence, changes in consumer spending and debt levels, the mix of products and services offered for sale in our physical stores and online, credit market changes and constraints, product availability, trade restrictions or changes in the costs of imports, competitive initiatives of competitors (including pricing actions and promotional activities), strategic and business decisions of our vendors (including actions that could impact promotional support, product margin and/or supply), the success of new product launches, the impact of pricing investments and promotional activity, weather, natural or man-made disasters, attacks on our data systems, the company’s ability to prevent or react to a disaster recovery situation, changes in law or regulations, changes in tax rates, changes in taxable income in each jurisdiction, tax audit developments and resolution of other discrete tax matters, foreign currency fluctuation, the company’s ability to manage its property portfolio, the impact of labor markets, the company’s ability to retain qualified employees and management, failure to achieve anticipated expense and cost reductions, disruptions in our supply chain, the costs of procuring goods the company sells, failure to achieve anticipated revenue and profitability increases from operational and restructuring changes (including investments in our multi-channel capabilities), inability to secure or maintain favorable vendor terms, failure to accurately predict the duration over which the company will incur costs, development of new businesses, failure to complete or achieve anticipated benefits of announced transactions, and our ability to protect information relating to our employees and customers. A further list and description of these risks, uncertainties and other matters can be found in the company’s annual report and other reports filed from time to time with the Securities and Exchange Commission(“SEC”), including, but not limited to, Best Buy’s Report on Form 10-K filed with the SEC on March 24, 2017. Best Buy cautions that the foregoing list of important factors is not complete, and any forward-looking statements speak only as of the date they are made, and Best Buy assumes no obligation to update any forward-looking statement that it may make.

Investor Contact:
Mollie O’Brien
612-291-7735
mollie.obrien@bestbuy.com

Media Contact:
Jeff Shelman
612-291-6114
Jeffrey.shelman@bestbuy.com

Source: Best Buy Co., Inc.

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Best Buy School Tech Grant program announces recipient schools

  • From more than 515 applicants, 11 elementary schools across Canada have been awarded cash grants of up to $10,000 each
  • Recipients will use grants to enhance or integrate technology used in various classroom programs or extracurricular activities

Burnaby, BC, 2017-Jun-16 — /EPR Retail News/ — Best Buy Canada is proud to announce that 11 elementary schools across the country have been selected to receive funding of up to $10,000 each through the Best Buy School Tech Grant program.

The recipient schools will use these grants to give students access to the latest in computer and digital technology, helping to keep students motivated and engaged as they learn and grow. The tech upgrades will support programs such as coding classes, makerspaces, tech for children at-risk, and even an experiential outdoor learning program.

“We were overwhelmed not only by the number applications we received, but by the diverse and innovative submissions from teachers and principals across Canada,” said Karen Arsenault, Best Buy Canada’s Community Relations Manager. “Successful applicants clearly illustrated the impact this technology will have on their students as they strive to take learning to the next level and provide unique experiences and new ways of finding success in the classroom.”

The 11 schools receiving a Best Buy School Tech Grant are:

General Grants:

  • École Des Grands-Êtres – Saint-Laurent, QC
  • École Du Grand-Héron – Lasalle, QC
  • Highwood School – Calgary, AB
  • Lakewoods Public School – Oshawa, ON
  • Oak Lake Community School – Oak Lake, MB

STEM Grants:

  • Courtenay Elementary School – Courtenay, BC
  • East Three Elementary School – Inuvik, NT
  • Lord Strathcona Elementary – Vancouver, BC
  • Port Elgin Regional School – Port Elgin, NB
  • St. Jane Frances Catholic Elementary School – Toronto, ON
  • Tosorontio Central Public School – Everett, ON

General Tech Grants are designed to help improve or integrate technology in classrooms to advance student learning. This could include new technologies including libraries, special needs classrooms, literacy programs and more. STEM Tech Grants are for schools looking to enhance technology in programs pertaining to Science, Technology, Engineering, and Math, which includes robotics clubs, math programs, computer coding and digital media courses.

All 11 schools will receive their funding in the coming weeks and celebrations will occur at the schools with the support of local Best Buy teams.

Best Buy Canada focuses its community investment on supporting youth to connect with technology to inspire, motivate and empower their education. Through this mission, Best Buy has provided more than 150 Canadian schools with grants to purchase new technology, in addition to offering post-secondary scholarships and supporting youth with hands on tech learning opportunities.

In the fall, Best Buy School Tech Grants will offer secondary schools the opportunity to apply for funding for new technology. Educators interested in being notified when grants are next available can email schoolgrants@bestbuycanada.ca.

For more information about Best Buy’s community investments, visit www.BestBuy.ca/Community.

About Best Buy

As a wholly owned subsidiary of Best Buy Co., Inc. (NYSE:BBY), Best Buy Canada Ltd. is one of Canada’s largest and most successful omni-channel retailers, operating the Best Buy, Best Buy Mobile and Geek Squad (www.geeksquad.ca) brands. With nearly 200 Best Buy and Best Buy Mobile stores across Canada, and an expanded assortment of lifestyle products offered through BestBuy.ca, Best Buy is a leader in Total Retail, catering to customers how, when, and where they want to shop. Best Buy Canada is committed to making a positive impact in the community with programs and partnerships that support youth to connect with technology to advance their education. For more information visit BestBuy.ca.

Media contact: 

Laura Mitchell
E : laurmitchell@bestbuycanada.ca
T : +1 (604) 412-1196

Source: BestBuy

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Best Buy Canada announces the return of Geek Squad Academy to offer free hands-on technology classes to kids

Burnaby, BC, 2017-Mar-09 — /EPR Retail News/ — Best Buy Canada is proud to announce the return of Geek Squad Academy to Canada for the third year. Geek Squad Academy pairs non-profit organizations and schools with local Geek Squad Agents from Best Buy stores to offer hands-on technology classes, at no charge, to youth aged 10-16 (14-16 in Quebec) around topics including Robotics, 3D Design, Web Programming, Digital Music, and Digital Citizenship.

Applications for the 2017 season are now being accepted online at www.bestbuy.ca/geeksquadacademy until Friday March 24, 2017. Schools and non-profit organizations who share Best Buy Canada’s focus of fostering technology-based education for youth are encouraged to apply.

“We’re very excited to visit even more communities across Canada this year, and introduce more kids to the possibilities of technology,” says Jen Knight, Community Relations Specialist, Best Buy Canada. “Seventy percent of Canada’s top jobs require tech-based skills, and Geek Squad Academy is a fun and interactive way to gain exposure to new concepts and learning opportunities. The feedback from our partners, the youth who attended the camps, and our Geek Squad Agents, has been nothing but positive.”

While attending Geek Squad Academy, youth will learn: 

  • the basic foundation for computer programming incorporating robotics;
  • their responsibilities as digital citizens, including understanding the long-term effects of their online interactions;
  • how to use some of the most popular music creation software by working together to create and mix music; and,
  • CAD skills by exploring the tools inside SketchUp to design their own three-dimensional models that can be made with a 3D printer.

Geek Squad Academy is one of several national Best Buy Canada community investment initiatives that provide young Canadians with opportunities to get inspired, motivated and feel empowered about their education through access to technology, with an aim to help reduce the digital and economic divide for youth.

To learn more about Geek Squad Academy and apply, check out the program website.

About Best Buy

As a wholly owned subsidiary of Best Buy Co., Inc. (NYSE:BBY), Best Buy Canada Ltd. is one of Canada’s largest and most successful omni-channel retailers, operating the Best Buy, Best Buy Mobile and Geek Squad (www.geeksquad.ca) brands. With nearly 200 Best Buy and Best Buy Mobile stores across Canada, and an expanded assortment of lifestyle products offered through BestBuy.ca, Best Buy is a leader in Total Retail, catering to customers how, when, and where they want to shop. Best Buy Canada is committed to making a positive impact in the community with programs and partnerships that support youth to connect with technology to advance their education. For more information visit BestBuy.ca.

Media contact:

Christine Tam
External Communications Manager
ctam@bestbuycanada.ca
604-809-3416

Source: Best Buy

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Best Buy Approves Plan to Return Excess Capital to Shareholders

  • Two-Year $3 Billion Share Repurchase Plan
  • 21% Increase in Quarterly Dividend to $0.34 per Share

MINNEAPOLIS, 2017-Mar-07 — /EPR Retail News/ — Best Buy Co., Inc. (NYSE: BBY) today ( March 1, 2017) announced that its Board of Directors approved a plan to return excess capital to shareholders as follows:

  • A new $3 billion share repurchase plan expected to be completed over the next two years; and
  • A 21% increase in the regular quarterly dividend to $0.34 per share, effective immediately.

This updated capital return plan is consistent with the company’s long-term capital allocation strategy to first fund operations and investments in growth, including potential acquisitions, and then to return excess free cash flow over time to shareholders through dividends and share repurchases, while maintaining investment grade credit metrics. The company is targeting a non-GAAP dividend payout ratio1 between 35% and 45%.

Hubert Joly, Best Buy chairman and CEO, commented, “Today we are pleased to announce our fiscal 2018 return of capital plan which includes a 21% increase in the regular quarterly dividend to $0.34 per share and a share repurchase plan that accelerates from $1 billion over two years to $3 billion over two years. This is in addition to the nearly $2.7 billion in cash we returned to shareholders in fiscal 2016 and 2017 combined. The increase in the dividend and acceleration of our share repurchase program are aligned with our long-term capital allocation strategy and display continued confidence in our ongoing business performance and future cash-flow generation.”

In order to execute the two-year $3 billion share repurchase plan, the board of directors approved a new $5 billion share repurchase authorization for the company’s common stock, superseding the existing authorization dated June 2011 which had $2.2 billion in purchases remaining.

The regular quarterly dividend will be payable on April 12, 2017 to shareholders of record as of the close of business on March 22, 2017. The company had 311,278,169 shares of common stock issued and outstanding as of January 28, 2017. The regular quarterly dividend and share repurchases will be funded through existing cash and cash equivalents on the balance sheet and future cash flow generation. The share repurchases will be executed in the open market or through privately negotiated transactions at times and amounts determined by the company based on its evaluation of market conditions and other factors and may be suspended, discontinued or resumed at any time.

(Editor’s Note: Best Buy Co., Inc. this morning also issued a separate press release announcing its fourth quarter and full year fiscal 2017 financial results.)

Forward-Looking and Cautionary Statements:

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that reflect management’s current views and estimates regarding future market conditions, company performance and financial results, business prospects, new strategies, the competitive environment and other events. You can identify these statements by the fact that they use words such as “anticipate,” “believe,” ”assume,” “estimate,” “expect,” “intend,” “project,” “guidance,” “plan,” “outlook,” and other words and terms of similar meaning. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: macro-economic conditions (including fluctuations in housing prices, oil markets and jobless rates), conditions in the industries and categories in which we operate, changes in consumer preferences or confidence, changes in consumer spending and debt levels, the mix of products and services offered for sale in our physical stores and online, credit market changes and constraints, product availability, trade restrictions or changes in the costs of imports, competitive initiatives of competitors (including pricing actions and promotional activities), strategic and business decisions of our vendors (including actions that could impact promotional support, product margin and/or supply), the success of new product launches, the impact of pricing investments and promotional activity, weather, natural or man-made disasters, attacks on our data systems, the company’s ability to prevent or react to a disaster recovery situation, changes in law or regulations, changes in tax rates, changes in taxable income in each jurisdiction, tax audit developments and resolution of other discrete tax matters, foreign currency fluctuation, the company’s ability to manage its property portfolio, the impact of labor markets, the company’s ability to retain qualified employees and management, failure to achieve anticipated expense and cost reductions, disruptions in our supply chain, the costs of procuring goods the company sells, failure to achieve anticipated revenue and profitability increases from operational and restructuring changes (including investments in our multi-channel capabilities), inability to secure or maintain favorable vendor terms, failure to accurately predict the duration over which we will incur costs, development of new businesses, failure to complete or achieve anticipated benefits of announced transactions, and our ability to protect information relating to our employees and customers. A further list and description of these risks, uncertainties and other matters can be found in the company’s annual report and other reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, Best Buy’s Report on Form 10-K filed with the SEC on March 23, 2016. Best Buy cautions that the foregoing list of important factors is not complete, and any forward-looking statements speak only as of the date they are made, and Best Buy assumes no obligation to update any forward-looking statement that it may make.

(1) The company defines its non-GAAP dividend payout ratio as annual dividends divided by annual non-GAAP Net Earnings from Continuing Operations. Reconciliations of its non-GAAP earnings measures to its GAAP equivalents are provided in its quarterly releases and in its Forms 10-K and 10-Q. A reconciliation of the projected non-GAAP dividend payout ratio, which is a forward-looking non-GAAP financial measure, to the most directly comparable GAAP financial measure, is not provided because the company is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. These GAAP measures may include the impact of such items as restructuring charges; litigation settlements; asset impairments, gains and losses; and the tax effect of all such items. Historically, the company has excluded these items from non-GAAP financial measures. The company currently expects to continue to exclude these items in future disclosures of non-GAAP financial measures and may also exclude other items that may arise (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments, such as a decision to exit part of the business, the early retirement of an asset or reaching settlement of a legal dispute, are inherently unpredictable as to if or when they may occur. For the same reasons, the company is unable to address the probable significance of the unavailable information, which could be material to future results.

Investor Contact:
Mollie O’Brien
(612) 291-7735
mollie.obrien@bestbuy.com

Media Contact:
Jeff Shelman
(612) 291-6114
jeffrey.shelman@bestbuy.com

Source: Best Buy Co., Inc.

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Best Buy and Hockey Québec partner for the tenth edition of the Best Buy Cup

MONTREAL, Quebec, 2017-Jan-07 — /EPR Retail News/ — Best Buy and Hockey Québec are joining forces for the tenth edition of the Best Buy Cup. This event, which brings together nearly 200 Atom and Peewee hockey teams, is the biggest open-air hockey tournament for these young players to take part in, giving them the opportunity to experience outdoor hockey. The Best Buy Cup will be held over two weekends—January 28 and 29, and February 4 and 5, 2017—and will take place on the lake of the Centre de la Nature de Laval. These two weekends will be filled with family-friendly activities where both children and parents can play in the great outdoors, participate in various hockey tournaments, win a ton of prizes and even meet former players of the Montreal Canadiens—free of charge.

To celebrate its 10th anniversary, the Best Buy Cup will draft 10 Quebecers who will have the opportunity to be on teams with Patrick Langlois and Benoît Gagnon to compete in the Best Buy All-Star Game. They will go head to head with former Montreal Canadiens players Gaston Gingras, Karl Dykhuis, Rick Green and Steve Penney. This match will be held on January 28, 2017, to launch the 10thedition of the Best Buy Cup. Those wishing to submit their entries must post a hockey-themed photo of themselves on social media, tag Best Buy Québec and include the hashtag #MatchDesEtoilesBestBuy. The ten recruits will be randomly selected on January 23, 2017, at noon. Former Habs players Jesse Bélanger and Gilles Thibaudeau will also face off in a friendly match against the Best Buy Blue Shirts.

GENERAL INFORMATION:

SATURDAY, JANUARY 28, 2017
Best Buy All-Star Game
11:30 a.m. to 11:55 a.m.

The tournament will be held at:

CENTRE DE LA NATURE
901 Avenue du Parc
Laval, Quebec  H7E 2T7

Link: www.ville.laval.qc.ca

NRJ radio host Martin Lemay, who has been generously involved in the Best Buy Cup since its very first edition, returns again this year as the tournament’s honorary co-chair. And despite his absence, former Montreal Canadiens head coach Jacques Demers will also be this year’s honorary co-chair and will be recognized for his continued involvement and participation in this event from its inception.

For Thierry Lopez, Quebec Marketing & Corporate Affairs Manager at Best Buy, “We are very proud to be celebrating the tenth edition of the Best Buy Cup. We are pleased to be able to bring together young people from across Quebec for this unique and unforgettable outdoor hockey tournament. We recognize that the Best Buy Cup is becoming increasingly popular among young people and their parents, which is why we have expanded it over two weekends instead of just one. It’s also a wonderful occasion for young people to not only experience the joy of outdoor hockey, but to take part in the multitude of free activities offered on site.”

Mark your calendars for the Best Buy Cup on January 28 and 29, 2017, and February 4 and 5, 2017, to be held on the lake of the Centre de la Nature de Laval.

ABOUT BEST BUY

About Best Buy Canada
Best Buy stores in Canada are a division of Burnaby, BC-based Best Buy Canada Ltd., a wholly owned subsidiary of Best Buy Co., Inc. (NYSE: BBY). Best Buy is one of Canada’s largest and most successful retailers, operating the Best Buy, Best Buy Mobile and Geek squad brands. The Company offers consumers a unique shopping experience with the latest technology and entertainment products, plus an expanded assortment of lifestyle products offered through BestBuy.ca, at the right price. With over 200 Best Buy stores across Canada, we offer a unique shopping experience with the latest technology and entertainment products, at the right price, with a no-pressure (non-commissioned) environment. Every day our employees are committed to helping deliver technology solutions that enable easy access to people, knowledge, ideas and fun. We are keenly aware of our role and impact on the world, and we are committed to developing and implementing business strategies that bring sustainable technology solutions to our consumers and communities. For information about Best Buy, visit www.BestBuy.ca./a>

ABOUT HOCKEY QUÉBEC

Founded in 1976, Hockey Québec is a governing body which coordinates the activities of approximately 7,000 teams made up of 100,000 players across some 250 sports organizations and supports the work of nearly 50,000 volunteer administrators, coaches and officials throughout Quebec. For more information on Hockey Québec, visit www.hockey.qc.ca

Contact:

THIERRY LOPEZ
Quebec Marketing & Corporate Affairs
Best Buy
514-905-7713
tlopez@bestbuycanada.ca

CLAUDE-MARC RAYMOND
Marketing Coordinator
Hockey Québec
514-252-3079 extension 3862
cmraymond@hockey.qc.ca

AUDREY ANN LAURIN
Consultant
Veritas Communications
514-416-5390
laurin@veritasinc.com

Source: Best Buy

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Best Buy announces quarterly cash dividend of $0.28 per common share

MINNEAPOLIS, 2016-Nov-20 — /EPR Retail News/ — The Board of Directors of Best Buy Co., Inc. (NYSE:BBY) has authorized the payment of a regular quarterly cash dividend of $0.28 per common share. The quarterly dividend is payable on December 29, 2016, to shareholders of record as of the close of business on December 8, 2016. The company had 313,366,210 shares of common stock issued and outstanding as of October 29, 2016.

Investor Contact:
Mollie O’Brien
(612) 291-7735
mollie.obrien@bestbuy.com

Media Contact:
Jeff Shelman
(612) 291-6114
jeffrey.shelman@bestbuy.com

Source: Best Buy

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Best Buy unveils its Black Friday deals

Best Buy unveils its Black Friday deals
Best Buy unveils its Black Friday deals

 

Minneapolis, MN, 2016-Nov-12 — /EPR Retail News/ — Best Buy’s Black Friday ad is available now to preview at BestBuy.com/BlackFriday, featuring doorbusters available starting Thanksgiving Day on BestBuy.com and when stores open at 5 p.m. local time that day.1  And for those looking to get an early start on shopping, some of these deals are available online and in stores starting today (November 10, 2016).

This Black Friday, Best Buy again offers great values on the brands and products customers want most. This season’s deals include special savings on a broad selection of electronics and appliances, with offers such as:

  • Toshiba 49-inch 4K Ultra HD TV: $199.99 (Save $250)
  • MacBook Air 13-inch: Save $200
  • Bose® SoundSport® In-Ear Headphones: $39.99 (Save $60)
  • Powerbeats2Wireless Headphones: $89.99 (Save $110)
  • PlayStation 4 Uncharted Bundle: $249 (Save $50) plus two free games
  • Samsung 55-inch LED 4K Ultra HD Smart TV: $479.99 (Save $320)
  • Select Blu-rays are $7.99 and 4K UHD movies as low as $17.99
  • Video games for $29.99 (Save $30)
  • Fitbit Charge 2: $129.95 (Save $20)
  • DJI Phantom 3 Standard Drone: $399.99 (Save $100)
  • Samsung 4K UHD Blu-ray Player: $199.99 (Save $200) and get a free $10 Best Buy Gift Card
  • Homido V2 Virtual Reality Headset: $49.99 (Save $30)
  • mophie juice pack pro: $9.99 (Save $50)
  • Ring Smart HD Video Doorbell: $124.99 (Save $75)
  • Arlo Wire-Free HD Security 4-camera kit: $349.99 (Save $150)
  • Canon EOS Rebel T6 2 Lens Kit DSLR camera: $449.99 (Save $250)
  • GoPro HERO5 Black: $399.99 with a $35 Best Buy Gift Card and 64GB memory card
  • KitchenAid Professional 5 Plus Series Stand Mixer: $199.99 (Save $300)
  • Dyson V6 Animal Cord-Free Stick Vacuum: $299.99 (Save $200)
  • Microsoft Surface Pro 4 M3 with Type Cover: $599.99 (Save $400)
  • 9.7-inch iPad Pro: Save $125
  • Free $250 Best Buy Gift Card plus a free Samsung Gear VR with installment billing on the Samsung Galaxy S7 or Galaxy S7 edge
  • Dell 15.6” touch screen laptop with Intel Core i5 Processor: $349.99 (Save $150)

Doors Open at 5 p.m. for Doorbuster Deals Thanksgiving Day

Nearly 1,000 Best Buy stores in 47 states will open once again at 5 p.m. local time on Thanksgiving, Nov. 24, offering shoppers the chance to take advantage of thousands of Black Friday and doorbuster deals. Nearly all stores will remain open until 1 a.m. local time on Friday, Nov. 25, and re-open at 8 a.m. until 10 p.m. local time.

Best Buy Black Friday Weekend Store Hours2 (local time)

  • Thanksgiving evening, Nov. 24: 5 p.m. – 1 a.m.
  • Black Friday, Nov. 25: 8 a.m. – 10 p.m.
  • Saturday, Nov 26: 9 a.m. – 10 p.m.
  • Sunday, Nov. 27: 11 a.m. – 8 p.m.
  • Online Doorbusters and Free Shipping on BestBuy.com

For customers who prefer to shop from home on Black Friday weekend, BestBuy.com will continue to offer great deals. Online doorbusters and almost every item in the Black Friday ad will be available for sale on BestBuy.com throughout Thanksgiving Day, with additional deals available all weekend long. This year, online shoppers can take advantage of free shipping throughout the holiday season with no minimum order required and convenient in-store pickup options.

1. All product offers are available while supplies last. For complete details, visit BestBuy.com/BlackFriday. Customers can check their local store listings on BestBuy.com for store opening hours.

2. Because of laws in Maine, Massachusetts and Rhode Island, stores in those states will not open until Black Friday. The five Best Buy stores in Maine will open at 12:01 a.m. on Nov. 25, and 24 stores in Massachusetts and the Rhode Island store will open at 1 a.m. on Nov. 25. Three Best Buy stores in Puerto Rico also will open at 12:01 a.m. on Nov. 25. A small number of additional locations across the country may have varied hours because of county or municipal laws. Best Buy and Best Buy Mobile stores located in shopping malls might have their hours adjusted based on the operating hours of the mall. Best Buy Mobile stores not located in malls will open at 5 p.m. on Thanksgiving. Best Buy will use a ticketing process for doorbusters to help ensure the safety of both Best Buy customers and employees. For more information, visit BestBuy.com/BlackFriday.

Source: Best Buy

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Best Buy introduces Ignite web page dedicated to the latest and greatest tech from startups

Best Buy introduces Ignite web page dedicated to the latest and greatest tech from startups
Best Buy introduces Ignite web page dedicated to the latest and greatest tech from startups

 

Minneapolis, MN, 2016-Nov-02 — /EPR Retail News/ — If you geek out whenever you get a glimpse of cool, new tech devices, there’s a new page on BestBuy.com that’s sure to spark your interest.

We have introduced a Best Buy Ignite web page dedicated to the latest and greatest tech from startups. You can browse, learn about and shop for a variety of innovative gadgets — everything from wireless earbuds to a 3-D printer to a smart jump rope (yep, that’s a real thing).

The new page is the next step in our broader Best Buy Ignite program. It launched last month to give customers access to even more of the newest tech from some of the most inventive entrepreneurs and startup companies in consumer electronics.

“Best Buy Ignite is yet another step in our promise to help customers learn about and enjoy the latest technology,” said Patrick McIntyre, our vice president of strategy who works closely with the startup community. “We know our customers want to see the best tech as fast as possible, and we’ll keep trying new things to deliver on our promise.”

Bringing you what’s new
The Best Buy Ignite page looks different from what you’ll find elsewhere on BestBuy.com. The home page features all of the various products, which you can sort by category tags at the top of the page. And the individual product pages feature big, bold photos, along with product specifications.

As part of Best Buy Ignite, we’ve also added dedicated space for startup products inside our new store in Mountain View, California, in the innovation hub of Silicon Valley. There, customers can discover some of the newest tech products on the market, including crowdfunded gadgets, state-of-the-art wireless headphones and wearable tech from Under Armour.

We’re also partnering with PCH, a company that works closely with startups to help get their products into consumers’ hands faster and at a lower cost.

Entrepreneurs and startups interested in participating in Best Buy’s Ignite program can sign up now at www.bestbuy.com/ignite/vendors.

You can find an array of other startup products at hundreds of Best Buy stores nationwide. Examples include the Anova precision cooker and Fizzics draft beer system, Keen Home smart vent, Petcube pet camera and Luma Home Wi-Fi system.

Source: Best Buy

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Best Buy announces 20 must-have technology products for the holiday shopping season

Best Buy announces 20 must-have technology products for the holiday shopping season
Best Buy announces 20 must-have technology products for the holiday shopping season

 

Minneapolis, MN, 2016-Oct-27 — /EPR Retail News/ — Start preparing those wish lists; the holiday shopping season is here. Today (October 25, 2016 ), Best Buy announced its annual “Top Tech” list — the 20 must-have technology products— just in time to get a head start on holiday shopping.

The list contains the hottest new and emerging technologies handpicked by Best Buy’s tech experts, from virtual reality and smart home products to drones and hair dryers (yes, hair dryers). It also includes the latest laptops, gaming systems, TVs, cameras and more. Customers can browse, learn about, preorder or buy them now in Best Buy stores and on BestBuy.com.

“This holiday, we’re making it easier than ever for our customers by taking out the guesswork as they shop for friends, family or even themselves,” said Mike Mohan, chief merchandising officer at Best Buy. “These products showcase the newest, most innovative trends and what’s truly possible with technology.”

The Consumer Technology Association (CTA) is predicting that nearly 70 percent of consumers will buy tech gifts this holiday.

Without further ado, Best Buy’s Top Tech of 2016 (in no particular order):

  • Google Home
  • Bose® QuietComfort® 35 Wireless Headphones
  • Dyson Supersonic Hair Dryer
  • Lenovo Yoga 910 2-in-1 Laptop
  • iPad Pro 9.7-inch
  • Oculus Rift
  • Sony PlayStation VR
  • Sony 65” Class LED Smart 4K Ultra HD TV with High Dynamic Range
  • GoPro Hero5 Black
  • DJI Mavic Pro Drone
  • Fitbit Charge 2
  • Microsoft Xbox One S
  • Samsung 4K Ultra HD Blu-ray Player
  • iPhone 7
  • Powerbeats3 Wireless Earphones
  • Apple Watch Series 2
  • Rand McNally OverDryve Connected Car System
  • HP Spectre x360 2-in-1 Laptop
  • Google Chromecast Ultra
  • Samsung Galaxy S7

To get a leg up on their shopping, customers can now enjoy discounts on many Top Tech gifts — including $100 off iPad Pro 9.7-inch and $100 off Lenovo Yoga 910 — today through Saturday, Oct. 29. Visit BestBuy.com for a full list of the deals.

Holiday Shopping Events

On Saturday, Nov. 5, customers can play with and score great deals on select Top Tech products and other must-have items at Best Buy’s special holiday shopping events. From 1 p.m. to 5 p.m. local time, shoppers can interact with and get demonstrations of a range of Top Tech products, including Google Home, OverDryve, and more, in 400 stores across the U.S.

And for the first time, gaming fans will be able to experience Call of Duty: Infinite Warfare on the new PlayStation 4 Pro, featuring 4K, in select Magnolia Home Theater locations.

Geek Squad Has Your Back

And the bow on the box: Free in-store set-up or advice on select Top Tech products for My Best Buy members, giving customers looking for Geek Squad’s help another great reason to join My Best Buy at no cost. Today, Geek Squad supports most things customers plug into their homes or cars, optimizing home theater systems, creating fast and secure home networks, and helping harness the power of the Internet of Things with smart home products.

Tech Help Makes the Holidays Easy

Customers also can take comfort knowing that Geek Squad’s expert assistance is available remotely whenever they need it during the hectic holiday season. As added security for most of the gifts customers purchase at Best Buy, Geek Squad Protection plans include an extra month of coverage for all but Mobile Complete Protection Plans. Geek Squad 24/7 Support provides device set-up, unlimited virus removal, Internet Security Software and additional ongoing support for up to three computers or tablets for the length of the plan. Geek Squad even helps tackle slow speeds, buffering, device connectivity and other home networking problems with Home Wi-Fi Setup & Support. An agent will set up a new or existing router to maximize performance and optimize security in-home or same-day remotely, and deliver ongoing remote Wi-Fi support for the length of the plan.

Free Shipping on Everything

This holiday season, Best Buy again makes it easy for holiday shoppers to cross everything off their gift lists. Customers will get free shipping on everything when they shop on BestBuy.com, now through Dec. 24.

And for those who can’t wait for their new tech, customers can pick up their BestBuy.com orders for free at their local Best Buy stores.

Source: Best Buy

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Best Buy hosts demos of Oculus Touch controllers with its Rift virtual reality headset

Best Buy hosts demos of Oculus Touch controllers with its Rift virtual reality headset
Best Buy hosts demos of Oculus Touch controllers with its Rift virtual reality headset

 

Minneapolis, MN, 2016-Oct-12 — /EPR Retail News/ — You’ve looked into the future. Now you can Touch it.

Starting this week, Best Buy is one of the first retailers where you can try out the new Oculus Touch controllers with its Rift virtual reality headset.

Oculus revealed details of its new Touch controllers last week. The hand-held devices help bring your real hands into virtual environments by allowing you to make gestures and finger movements. It provides you with a more realistic VR experience.

Hundreds of Best Buy stores have been hosting demos of Oculus Rift since May. Those demo experiences will now be updated to include new games with Touch controller capabilities. The games include Touch Tutorial, VR Sports Challenge,Unspoken, The Climb (with added Touch controls) and Medium.

If you’re interested in trying out Oculus Rift and Touch, you can sign up in advance here. Or you can stop by one of our U.S. Best Buy stores offering demos for a drop-in session during eligible hours.

Oculus Touch controllers will also be sold in Best Buy stores and on BestBuy.com beginning Dec. 6. But you can pre-order them now at BestBuy.com for $199.99. All pre-orders will come bundled with two games created specifically for Oculus Touch:VR Sports Challenge and The Unspoken. Touch will also come with an additional sensor and a connector for Rock Band VR.

You can find out more about virtual reality on BestBuy.com.

Source: Best Buy

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Best Buy launches new program that highlights the newest tech from startup companies, Best Buy Ignite

Minneapolis, MN, 2016-Sep-27 — /EPR Retail News/ — You come to Best Buy to see and try the latest and greatest technology, from 4K TVs to virtual reality. But we know there are also a lot of really cool, innovative products out there that aren’t yet on our shelves.

That’s why we’re launching Best Buy Ignite, a new program that gives customers access to even more of the newest tech from some of the most inventive entrepreneurs and startup companies in consumer electronics.

To learn more about Best Buy Ignite, we sat down with Patrick McIntyre, our vice president of strategy who works closely with the startup community.

Why is Best Buy Ignite significant for Best Buy?

Patrick: Best Buy Ignite is yet another step in our promise to help customers learn about and enjoy the latest technology. We know our customers want to see the best tech as fast as possible, and we’ll keep trying new things to deliver on our promise.

Has Best Buy worked with startups before?

Patrick: We’ve worked with startups before and will continue to do so. There are a lot of new, early-stage products in the market, and there are only going to be more. At Best Buy, we have the unique ability and resources — our website, our stores, our vendor relationships — to help showcase those products to consumers.

How will this benefit Best Buy shoppers?

Patrick:  Best Buy Ignite will help us bring even more innovative, new products to our consumers. So while shoppers won’t necessarily see a big difference in how we operate, they will have more opportunities to discover some of the coolest tech out there.

What gets you most excited about Best Buy Ignite?

Patrick: For me, this captures what I’ve loved most about Best Buy since my teens and 20s — going to the store to see and experience new things. We always have the coolest new gadgets, and now Best Buy Ignite should allow for an even more dynamic product lineup. And, to a degree, it brings the excitement of CES and Silicon Valley to Best Buy. That’s the kind of stuff you’re going to see even more of — cool, new products for our customers to enjoy.

Source: Best Buy

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Fizzics® portable draft beer system now available at Best Buy

Fizzics® portable draft beer system now available at Best Buy
Fizzics® portable draft beer system now available at Best Buy

 

Minneapolis, MN, 2016-Sep-22 — /EPR Retail News/ — So, these two guys walk into a bar. [Correction: Brewery.] One guy’s an engineer. The other guy’s a tech geek. They’re both “beer guys.” And, while sipping pints of their favorite brews, they get a great idea: Make beer taste better at home, using sound waves.

This is no joke. This is how draft-quality beer – thanks to a product sold at Best Buy and to be pitched this week on the TV show “Shark Tank”– is making its way into homes across the country. It’s the Fizzics® portable draft beer system, and it’s the only product of its kind on the market.

“This is the greatest time to be a beer person,” Fizzics CEO and Co-founder Philip Petracca said of the booming craft beer industry and the “renaissance” of sorts for beer in general. “People are really in love with the ability to use Fizzics to share and elevate the at-home beer drinking experience. They love bringing friends and family over and introducing them to our system. It’s kind of the holy grail – getting people this engaged and excited with your product.”

I had the pleasure of talking with Phil this week to learn more about why he thinks this device is a must-have for beer drinkers. Phil’s a hands-on CEO who worked with co-founder David McDonald to take their brewery-borne idea and make it reality, including choosing to sell it at Best Buy.

They see Best Buy as a destination for new innovation and technology, including Fizzics, which Phil said makes it easy for people to taste bottled, canned or growler beer “as its brewers intended it to taste.” That means beer dispensed with the Fizzics system has an enhanced aroma, flavor and taste of draft beer. It’s done in an organic way with no added chemicals or additives – and without the hassle of a CO2 tank, keg or proprietary cartridges.

I needed to learn more about how this is possible.

How Fizzics works
We started by getting technical, with the science behind Fizzics, called “sonication.”

To operate, open the can or bottle of beer and place it inside the canister. Insert the draft tube into the vessel, and close and seal the system. Hold the glass at a 45-degree angle, and pull the tap the handle forward. A digital micro-control kicks in to dynamically adjust the pressure to manage the rate of flow to enhance the carbonation in the body of the beer. Pushing the handle back creates the Fizzics Micro-Foam™ head (the foam at the top of the glass). That’s when the sonication kicks in to agitate the existing CO2 in the beer, to create a creamy, full-bodied and aromatic head that beer aficionados crave.

Phil said the brain has a particular nerve that can pick up on the “mouth feel” of a beer and detect a difference in bubble size, which alters the density and texture of the beer. He added that beer dispensed with the Fizzics Micro-Foam™ technology is preferable because it provides a more aromatic and flavorful head than one would get from opening a can or bottle, or even pouring it into a glass.

Using and maintaining the machine is smooth, too. In a couple of minutes, you can go from opening the box; to inserting a can, bottle or growler of your favorite beer; to filling your glass. Four AA batteries are used to operate Fizzics and will fill a minimum of 200 12-ounce pours. Cleanup is also easy: Fizzics recommends that users simply run a glass of warm water through the system, then wipe out any condensation within the chamber.

Phil said he and his team initially thought Fizzics would appeal to the craft beer drinkers. “But what we found though, is everybody values draft quality pour over the flavor and taste of what comes from a can or a bottle,” he said. Even some root beers, Phil mentioned, can offer enhanced aroma, flavor and texture when dispensed with Fizzics.

Check out Fizzics for yourself in stores and at BestBuy.com. And be sure to watch Phil and David on the season premiere of “Shark Tank” on Friday, Sept. 23, at 9 p.m. EST/8 p.m. Central.

Media Inquiries:
612.231.5146
press@bestbuy.com

Source: Best Buy

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Best Buy launches recyclable gift cards

Best Buy launches recyclable gift cards
Best Buy launches recyclable gift cards

 

Minneapolis, MN, 2016-Sep-14 — /EPR Retail News/ — Best Buy recently released a gift card that can be recycled at home – with your paper, cans and bottles.

Because the “Go Green” gift card is made out of paper, it can go right into your recycling bin at home.  Easy peasy.

The traditional gift card is made out of polyvinyl chloride, also known as PVC, a material that is not usually accepted in city recycling programs. By using paper, we want to help reduce the amount of plastic that’s thrown out.

There are a couple of key ingredients to make recyclable cards. First, the paper becomes Forest Stewardship Council (FSC) certified, which is an internationally recognized standard for sustainable paper sourcing. Next, they are printed with water-soluble ink instead of solvent-based ink, which is better for the environment.  Then, a water-soluble glue is used to adhere the front to the back. We’re talking sustainability from start to finish.

Not only are these cards better for the environment, but they’re strong, too. The durability matches those of traditional gift cards – they paper ones are stiff and will slide into your wallet just as easily. Of course, the paper cards also come in the familiar Best Buy price tag shape.

So for your next Best Buy gift card purchase, consider selecting the “Go Green” gift card – just look for the green on the display case next to the check out. The new cards are easier to recycle and they’re better for the environment. That’s a win for you and a win for the earth.

And when you’re using your new “Go Green” gift card, check out Best Buy’s latest sustainable tech.

Recyclable gift cards are available at Best Buy stores and can also be purchased online.

You can keep up with more Best Buy sustainability stories, as well as follow @BestBuyCSR on Twitter for news

Source: Best Buy

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Hi-Res Listening Station displays expands to more than 250 Magnolia Home Theater locations at Best Buy

Hi-Res Listening Station displays expands to more than 250 Magnolia Home Theater locations at Best Buy
Hi-Res Listening Station displays expands to more than 250 Magnolia Home Theater locations at Best Buy

 

Minneapolis, MN, 2016-Aug-26 — /EPR Retail News/ — High-resolution audio is expanding to more than 250 Magnolia Home Theater locations across the nation beginning this week.

Last year, Hi-Res Listening Station displays – developed with Sony Electronics –debuted in 82 Magnolia Design Centers at Best Buy, bringing studio-quality music to masses.

High-resolution audio sounds like you’re standing right next to the artist playing the track. Similar to the jump in TV tech from standard definition to high-definition, high-resolution audio lets music fans hear the full recording, including the parts MP3s leave out when they’re compressed for downloading or streaming.

Each Hi-Res Listening Station boasts a wide variety of recordings provided by Sony Music Entertainment, Universal Music Group and Warner Music Group. The new display includes dozens of music clips, in nearly every genre, as well as their jacket art; both of which are updated on a regular basis. It also features both catalog titles and new releases, including a track from Norah Jones’ upcoming album “Day Breaks.”

In addition to a high-resolution Sony Walkman, the new display showcases a number of compatible headphone models including the Sony MDR-1A, the Sennheiser HD558, the Sennheiser Momentum M2, the Polk Hinge, and the V-MODA Crossfade.

Source: Best Buy

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Best Buy launches smart home tour Tech Home at Minnesota’s Mall of America

Minneapolis, MN, 2016-Aug-23 — /EPR Retail News/ — It’s time you went on a smart home tour. Let Best Buy be your guide.

It’s our 50th anniversary, and we’re rolling out the welcome mat to Tech Home at Minnesota’s Mall of America to help celebrate Best Buy’s role of bringing the latest technology to you.

Tech Home is a hands-on display of all things smart home, seamlessly connecting devices and appliances in a kitchen, living room, bedroom, office space and entryway. It includes top options for Wi-Fi, security, comfort and organization — including gadgets from Samsung Smart Things, NETGEAR, Canon, Philips Hue, Qualcomm Technologies and more.

Tech Home, designed and built by Chandler, Inc., is open to the public, free and will be located in the Mall of America Rotunda through Sept. 17.

Here’s a quick walk-through:

Wi-Fi
It all starts with a good Wi-Fi network. If you don’t have a strong signal that can handle multiple devices and multiple users, your smart home’s IQ is going to be low.

Enter the NETGEAR Orbi Whole Home Wi-Fi system, a series of devices throughout your house that liven up dead spots to make sure you have a good signal no matter where you are in the house (and no matter what device you use). Orbi will be on display for the first time ever within Tech Home.

Organization
Connected home devices not only need to talk to you, they also need to talk with one another. Samsung SmartThings is the easiest way to set up a smart home by helping you keep your devices connected and organized in one platform. Control hundreds of compatible smart devices — including lights, speakers, locks, thermostats, sensors and more — all with the touch of your smartphone.

Want to keep your groceries in order? The Samsung Family Hub refrigerator has three cameras inside, accessible by smartphone app, so you can see what you need while at the grocery store. Save yourself a trip later in the day, and take your family to the park instead. It also lets you organize your groceries, especially items with expiration dates, based on when you bought them.

If you’re like us, you’ve got dozens of age-old vacation photos sitting on a hard drive instead being displayed to family and friends. Tech Home introduces us to the Canon Connect Station, which stores up to 150,000 photos or 70 hours of videos. Share them wirelessly to social media and friends around the world by syncing it with your Wi-Fi.

Comfort
We’ve come a long way from window-unit air conditioners, dial thermostats and old-fashioned light switches.

Now, you can control your temperature from work, the car or even another country. You can let the ecobee 3 Smart Thermostat use its remote sensors to deliver the right temperature in each room.

Smart lighting can do many things – set the mood (dim the lights while watching television), help out with those wintertime blues (make it brighter, earlier), or tell your children when it’s time to do homework or come to dinner (use different colors of lighting to signal it’s time for a particular family activity).

But how? Use the Savant Remote to control Philips Hue lighting products so you get the amount and type of light that you want, when you want it. You can also set your Smart TV to show the morning news or stream your favorite TV show. In the mood for music? The remote can play your favorite songs on the SONOS Play 1.

Security
Peace of mind is a top priority of the connected home. No matter where you are — in your living room, at your office or on vacation — you can use your smartphone to see everything going on at home.

Many security cameras, like the Arlo HD from NETGEAR, are wireless and can be placed anywhere. And their two-way audio capabilities allow you to communicate with anyone at, or entering, your home.

These features also come in handy at your front door. Devices like Ring doorbell,Yale smart locks and smart garage door openers let you control who visits your home, whether you’re there or not. Imagine it’s raining and you’re expecting a package; now, you can talk to the delivery person through your doorbell, then open your garage or unlock your door so he can put your package inside the house and keep it dry – all while you’re watching, perhaps from thousands of miles away.

You can check out Tech Home at the Mall of America Rotunda now through Sept. 17. Learn more about Best Buy’s smart home product selection online or in a store.

Source: Best Buy

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Best Buy celebrates turning 50 with a 50-hour sale featuring 50 Black Friday-like deals on latest technology

Minneapolis, MN, 2016-Aug-19 — /EPR Retail News/ — Best Buy is turning 50, and to celebrate, we’re throwing a birthday bash for you, our customers. The party kicks off tonight with a 50-hour sale featuring 50 Black Friday-like deals on the latest technology.

Find great prices on everything from MacBook Pro computers and 4K UHD TVs, to headphones and activity trackers during this first-of-its-kind sale. The Best Buy 50-Hour Anniversary Sale starts at 10 p.m. Central Time today and ends at 11:59 p.m. on Saturday, Aug. 20. The can’t-miss offers are a lead up to the 50th anniversary of the company, which opened its first store on Aug. 22, 1966.

Nearly all of these deals are available both in-store and on BestBuy.com, so you can shop how, when, and where you want. Shop on BestBuy.com and you can also get free, two-day shipping on almost everything included in the sale.

The sale comes just in time for back-to-school shoppers, but students and their parents can save big, anytime, at BestBuy.com/StudentDeals.

Deals included in the Best Buy 50-Hour Anniversary Sale:

  • Save $150 on select MacBook Pro computers
    • Students can save an additional $150, for a total savings of $300 with Best Buy’s Student Deals program
  • Save $400 on a 65-inch Samsung 4K UHD TV
  • Save $180 on Beats Studio wireless on-ear headphones
  • Get an iPhone 6s starting at $1 or an iPhone 6s Plus starting at $99.99 with two-year activation on Sprint or Verizon Wireless (Save $200) – or get a $200 gift card with purchase of iPhone 6s or iPhone 6s Plus and activation with an AT&T Next plan
  • Save up to 70 percent on LEGO Dimensions, Skylanders and amiibo
  • Save $50 on Garmin Vivosmart HR activity tracker
  • Get “Destiny” and your choice of two other select games for free with purchase of the PlayStation 4 “Call of Duty” bundle
  • Get a $50 gift card with purchase of a Swagtron T1 self-balancing scooter(online only)

All product offers are available while supplies last. For complete details, visit BestBuy.com.

Source: Best Buy

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Best Buy’s Geek Squad offers tips on how to deal with Ransomware

Minneapolis, MN, 2016-Aug-02 — /EPR Retail News/ — You turn on your computer, only to find that you’re locked out of all of your files — everything from work documents to family photos. There’s an ominous message on the screen demanding that you pay a fee to regain access.

That nightmare scenario has become all too real because of ransomware, a type of computer virus that cybercriminals around the world are using to scam money out of unsuspecting individuals and businesses. It’s nasty stuff, and it’s on the rise.

To learn more about it and how to prevent it, we talked to Geek Squad Agent Matt Dockery from our data recovery team at Geek Squad City in Kentucky.

What is ransomware?
Agent Dockery: Ransomware is basically an advanced form of malware that changes the file extension (e.g., .jpg, .doc, .pdf, .xls, etc.) of every affected file on your computer to a random extension with a very heavy encryption. Then they leave a note that essentially says, “Your computer is infected. If you go to this random site and pay us money, we may unlock your files for you.”

These viruses can be hidden within spam and phishing emails, pop-up ads, downloads from unsecured sites, torrents — pretty much anything you can download into your computer. Even things people wouldn’t normally think about, like browser cookies, can allow the malware creators to track what you’re doing and target specific pop-up ads for you.

When I first started seeing ransomware infections as an agent in a store precinct several years ago, they were very simple things that you could just go into the computer’s registry and delete. Now, they’re advancing to the point where they can lock your computer. They can even infect your phone, tablet or smart TV. Windows and Android devices seem to be more susceptible to these types of infections, but Apple OS devices are not immune.

How can I prevent it from happening to me?
Agent Dockery: The best way to avoid it is to keep up-to-date antivirus software and internet security on any device that you’re using, whether it’s your computer, your tablet or your smartphone. I recommend that people set their antivirus software to automatically update twice a day, because some of these variants of the ransomware will change on a daily basis or even every couple of hours.

Never click on links or open attachments from email addresses you don’t recognize, and be sure to delete your cookies after you’re done browsing. The longer a cookie sits, the more information it can gather about you and the more time it has to be used against you. I have my browser set to auto-delete every bit of browsing history every time I close the browser.

What should I do if it happens to me?
Agent Dockery: Definitely do not give scammers any financial information because that will put you at risk for identity theft and credit card fraud. If people kidnap your dog and hold it for ransom, you’re not going to trust them with your credit card information. Don’t expect them to be honest people if their life’s work consists of trying to steal other people’s data.

The easiest way to get rid of ransomware is to bring your device to a Geek Squad precinct. The software we use is very good at getting rid of some of that stuff because it works outside of the infected operating system. Online support can sometimes help with that, but it’s hit or miss. It really depends on the severity of the ransomware.

The most surefire way to get rid of one of these viruses is to do a complete factory restore to get everything back to the original, out-of-box settings, so my biggest recommendation is to keep your data safe in case this happens to you. Regularly backing up your data on external media, such as a flash drive, external hard drive or the cloud, will prevent you from losing your crucial data. Clouds are probably your safest bet, just because they are less likely to fail. In data recovery, we deal with broken hard drives and broken flash drives that were people’s backups.

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Best Buy's Geek Squad offers tips on how to deal with Ransomware
Best Buy’s Geek Squad offers tips on how to deal with Ransomware

 

Source: Best Buy

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Best Buy features comedian Adam Devine in its new back-to-school ad campaign

Minneapolis, MN, 2016-Jul-20 — /EPR Retail News/ — Best Buy has launched a new back-to-school ad campaign that features comedian, actor and producer Adam Devine in a series of educational and humorous TV, digital and social spots.

Each element highlights a common scenario students face, and shows how to navigate awkward and difficult college tasks. Devine often partners with Best Buy Blue Shirts to demonstrate how easy it is to enjoy the best in tech for every situation.

“I hope our approach on how to tackle the tough college stuff helps show how easy Best Buy makes tech for families,” Devine said. “It’s a fun twist on the usual laundry list of back to school essentials for what can often be a challenging time for both parents and students.”

In addition to a variety of online videos, digital and social media ads, the new campaign will give college students the opportunity to use ”Adamojis” in texts and on social media. ”Adamojis” will be available for download at the App Store starting Wednesday, July 20.

The “How to College With Adam Devine” spots can be viewed at BestBuy.com/HowToCollege.

Students can get great deals on all of their back-to-school necessities when they register at BestBuy.com/StudentDeals. They will receive exclusive monthly coupons for everything from MacBooks, laptops and computers to dorm essentials like compact refrigerators, microwaves and TVs.

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Best Buy features comedian Adam Devine in its new back-to-school ad campaign
Best Buy features comedian Adam Devine in its new back-to-school ad campaign

Source: Best Buy

 

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Best Buy named to the FTSE4Good Index for its sustainability efforts

Minneapolis, MN, 2016-Jul-12 — /EPR Retail News/ — Best Buy has again been recognized for its sustainability efforts by being named to the FTSE4Good Index for the third year in a row. The index includes publicly traded companies with strong environmental, social and governance practices.

FTSE4Good Indices are used by socially responsible investors and other stakeholders to measure sustainability performance. Best Buy received the highest possible score in the categories of Climate Change, Corporate Governance and Social Supply Chain.

We are proud to be recognized as a leader in sustainability by FTSE Group as well as our other recent accolades. Read our full 2016 Corporate Responsibility & Sustainability report here, and for the latest on Best Buy sustainability, follow @BestBuyCSR on Twitter.

Media Contact:
612.231.5146
press@bestbuy.com

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Best Buy named to the FTSE4Good Index for its sustainability efforts
Best Buy named to the FTSE4Good Index for its sustainability efforts

Source: Bestbuy

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LG Experience interactive display wall arrives at Best Buy stores nationwide to help shoppers experience the latest TV technologies

Minneapolis, MN, 2016-Jul-07 — /EPR Retail News/ — Starting this week, there’s no better place to see the latest innovations – including OLED and SUPER UHD TV – that LG has to offer your living room than at Best Buy.

That’s because the first-ever LG Experience interactive display wall has arrived in nearly 400 Best Buy stores nationwide and it’s helping TV shoppers experience the latest TV technologies and find the TV that’s right for them.

TV technology is breaking new boundaries, and while exciting, these new features and “tech jargon” that comes with them can create a daunting landscape to navigate. It’s our job to help TV shoppers understand the benefits of these innovations – and the best way is through firsthand experiences.

The LG Experience at Best Buy is where shoppers can see for themselves dynamic displays of HDR, 4K Ultra HD resolution, OLED TV technology and advanced LCD/LED technologies (LG SUPER UHD) together in one interactive showcase and get the knowledge they need to feel confident in their purchase.

For those who aren’t quite sure what High Dynamic Range means, it’s a content format that delivers brilliant brights, darker darks and a wider palette of colors, for more true-to-life images. While 4K is about more pixels, HDR is about better pixels. Regardless of what your HDR content is, it’ll be optimized on an LG TV. It’s HDR done the right way, so consumers can access all the HDR content available today, and have the peace of mind that their TV will handle new content to come.

The LG Experience offers interactive demos of both 4K Ultra HD and HDR content on both LG OLED TVs – hailed by experts as one of the best displays ever – and LG SUPER UHD TVs, LG’s most advanced 4K LCD/LED TVs ever with a billion rich colors. Plus, LG experts will be onsite to help shoppers feel confident when it comes to choosing their next TV so they can spend less time shopping for their TV and more time enjoying it.

David VanderWaal is the vice president of marketing for LG Electronics USA

Media Contact:
612.231.5146
press@bestbuy.com

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LG Experience interactive display wall arrives at Best Buy stores nationwide to help shoppers experience the latest TV technologies
LG Experience interactive display wall arrives at Best Buy stores nationwide to help shoppers experience the latest TV technologies

Source: Best Buy

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Best Buy joins Keep America Beautiful and the Ad Council to encourage our customers to recycle shipping boxes

Minneapolis, MN, 2016-Jul-07 — /EPR Retail News/ — When you toss those cans or boxes into the recycling bin, do you ever wonder what happens to them? We do. At Best Buy, reducing waste is key to our sustainability commitment, and we want to help our customers live more sustainably, too.

That’s why we’re joining Keep America Beautiful and the Ad Council to encourage our customers to recycle the shipping boxes they receive from us. As part of the “I Want To Be Recycled” campaign, we’re printing a new moniker on the boxes containing your .com order. The boxes literally “tell” you they want to be a pizza box, a new life these containers can enjoy when they’re recycled.

According to the U.S. Environmental Protection Agency, the U.S. produces approximately 254 million tons of trash each year, but recycles and composts only 87 million tons of this material. That’s a lot of waste that we can all help reduce.

Just think, the box that brings your new TV may come back to you with your pizza delivery for movie night.

Media Contact:
612.231.5146
press@bestbuy.com 

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Best Buy joins Keep America Beautiful and the Ad Council to encourage our customers to recycle shipping boxes Best Buy joins Keep America Beautiful and the Ad Council to encourage our customers to recycle shipping boxes

Source: Best Buy

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Best Buy’s Geek Squad Academy summer camp visits tribal nation as part of the federal government’s ConnectHome initiative

MINNEAPOLIS, 2016-Jun-15 — /EPR Retail News/ — Best Buy’s Geek Squad Academy summer camp is visiting a tribal nation for the first time as part of the federal government’s ConnectHome initiative.

About 135 students between the ages of 10 and 18 are participating in the two-day camp this week (June 14-15) at Durant High School in Durant, Oklahoma, home of the Choctaw Indian Nation. They’re getting hands-on tech experience and learning 21st-century skills that can make a difference in their future education and career choices.

This event comes exactly one year after President Barack Obama first introduced ConnectHome during a speech at the school. The public-private collaboration strives to narrow the digital divide for children and families in low-income areas by making internet connectivity more affordable.

As part of the program, Best Buy is offering computer training and technical support in select ConnectHome project cities. While nearly two-thirds of America’s lowest-income households own a computer, less than half have a home internet subscription.

This week’s Geek Squad Academy is significant because most of the students are ConnectHome participants. They’re being introduced to the opportunities that exist within technology and potentially inspired to pursue possibilities they otherwise might not have known exist.

“The students were enthusiastic and full of energy the first day of the camp,” said Andrea Wood, associate director of Best Buy Community Relations. “Most have never had the opportunity to experience the type of hands-on tech we’re providing.”

The camp includes programs and workshops on topics such as:

  • Circuits and logic
  • Digital compass
  • 3D design
  • Web know-how
  • Film and scriptwriting
  • Robotics
  • Digital music

Geek Squad Academy is entering its 10th year in 2016. So far it has inspired more than 30,000 kids from underserved communities to become the new generation of engineers, entrepreneurs, teachers, designers and dreamers.

The program is made possible by the contribution of time and resources from Best Buy and Geek Squad employees. Approximately 5,000 Geek Squad Agents and Blue Shirts volunteer each year to help provide tech education to youth through Best Buy’s various community programs, including Geek Squad Academy.

For a complete schedule of Geek Squad Academy dates, locations, enrollment information and more, please visit https://academy.geeksquad.com/.

 

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Best Buy’s Geek Squad Academy summer camp visits tribal nation as part of the federal government’s ConnectHome initiative

Best Buy’s Geek Squad Academy summer camp visits tribal nation as part of the federal government’s ConnectHome initiative

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Best Buy announces results for the first quarter ended April 30, 2016

  • GAAP Diluted EPS of $0.69
  • Non-GAAP Diluted EPS Increased 19% to $0.44
  • Domestic Segment Comparable Sales Essentially Flat

MINNEAPOLIS, 2016-May-25 — /EPR Retail News/ — Best Buy Co., Inc. (NYSE:BBY) today announced results for the first quarter ended April 30, 2016 (“Q1 FY17”), as compared to the first quarter ended May 2, 2015 (“Q1 FY16”). The company reported GAAP diluted earnings from continuing operations of $0.69, an increase from $0.10 in Q1 FY16. Non-GAAP diluted earnings per share from continuing operations were $0.44, an increase of 19% from $0.37 in Q1 FY16.

Q1 FY17 Q1 FY16
Revenue ($ in millions)1
Enterprise $8,443 $8,558
Domestic segment $7,829 $7,890
International segment $614 $668
Enterprise comparable sales % change (0.1%) 0.6%
Domestic comparable sales % change (0.1%) 0.6%
Domestic comparable online sales % change 23.9% 5.3%
International revenue % change (8.1%) (22.1%)
International revenue % change on a constant currency basis (1.2%) (12.1%)
Operating Income:
GAAP operating income as a % of revenue 4.4% 1.0%
Non-GAAP operating income as a % of revenue 2.9% 2.6%
Diluted Earnings per Share (EPS):
GAAP diluted EPS from continuing operations $0.69 $0.10
Non-GAAP diluted EPS from continuing operations $0.44 $0.37
For GAAP to non-GAAP reconciliations, please refer to the attached supporting schedule titled “Reconciliation of non-GAAP Financial Measures.”

“Our teams delivered a strong first quarter, with better-than-expected revenue, improved profitability and progress against our fiscal 2017 initiatives,” said Best Buy Chairman and CEO Hubert Joly. “We are reaffirming our previously provided full year financial outlook which includes approximately flat revenue and non-GAAP operating income, with non-GAAP EPS growth driven by share repurchases. Although we are reporting better-than-expected results today, we are not raising our full year outlook as the first quarter represents less than 15% of full year earnings and at this stage we have no new material information as it relates to product launches throughout the year.”

Joly continued, “In our Domestic business, we are reporting essentially flat comparable sales versus guidance of a 1% to 2% decline driven by strong year-over-year sales growth in health & wearables, home theater and appliances offset by continued softness in mobile phones and tablets. Contributing to these better-than-expected results was the strong performance in our online channel, which grew 24% in the quarter.”

Joly concluded, “As we look forward, we remain focused on our FY17 priorities. These priorities are (1) to build on our strong industry position and multi-channel capabilities to drive the existing business; (2) to drive cost reductions and efficiencies; and (3) to advance key initiatives to drive future growth and differentiation. We are investing to make it easy for customers to learn about and enjoy the latest technology as they pursue their passions and take care of what is important to them in their lives. With our combination of digital, store and in-home assets, we feel we have a great opportunity to address key customer pain points, build stronger ongoing relationships with our customers and unleash growth opportunities.”

Sharon McCollam, Best Buy EVP, CAO and CFO, commented, “As Hubert said, we are reaffirming our previously provided full year financial outlook of approximately flat revenue and non-GAAP operating income, including lapping the significant periodic profit sharing benefits from our services plan portfolio that we earned in FY16. A key element to achieve this will be the delivery of our cost reduction and gross profit optimization initiatives. Based on current industry dynamics and how we see the various product cycles playing out, we are expecting slight declines in revenue in the first half followed by growth in the back half. As discussed in our last earnings release, we recognize this will be challenging without a strong mobile cycle and improvements in the NPD-reported categories overall.”

McCollam continued, “For Q2 FY17, our guidance is Enterprise revenue in the range of $8.35 billion to $8.45 billion and both Enterprise and Domestic comparable sales of approximately flat. We expect our Q2 non-GAAP diluted earnings per share to be in the range of $0.38 to $0.42, assuming a diluted weighted average share count of approximately 325 million and a non-GAAP effective income tax rate in the range of 36.0% to 36.5%.”

McCollam concluded, “In line with our original expectations, there are two factors impacting our year-over-year non-GAAP EPS guidance for the second quarter. First, we are expecting an approximate $0.03 net negative impact from the lapping of the periodic profit sharing benefit from our services plan portfolio that we received in the second quarter of last year. Second, we are expecting an approximate $0.06 negative impact from the carryover of last September’s services pricing investment. In addition, in digital imaging, we are now expecting an approximate $0.03 to $0.04negative impact due to the April 2016 earthquake in Japan, which is impacting inventory availability in this high-margin category. Combined, these are putting $0.12 to $0.13 of pressure on Q2 FY17, which will be partially offset by an approximate $0.04 benefit from share repurchases.”

Domestic Segment First Quarter Results

Domestic Revenue

Domestic revenue of $7.8 billion decreased 0.8% versus last year. This decrease was primarily driven by the loss of revenue from 13 large format and 24 Best Buy Mobile store closures. Comparable sales were essentially flat against a backdrop where the NPD-reported categories were down 1.9%.2

From a merchandising perspective, comparable sales growth in health & wearables, home theater, major appliances and computing was offset by declines in mobile phones, tablets and gaming. As expected, television sales related to the shift of the Super Bowl into Q1 FY17 positively impacted the Domestic segment by approximately 70 basis points. The company also saw continued revenue declines in services due to investments in services pricing and the reduction of frequency of claims on extended warranties which has reduced repair revenue.

Domestic online revenue of $832 million increased 23.9% on a comparable basis primarily due to higher conversion rates and increased traffic. As a percentage of total Domestic revenue, online revenue increased 210 basis points to 10.6% versus 8.5% last year.

Domestic Gross Profit Rate
Domestic gross profit rate was 25.4% versus 23.9% last year. On a non-GAAP basis, gross profit rate was 23.0% versus 22.9% last year. Both the GAAP and non-GAAP gross profit rates increased 10 basis points primarily due to (1) a prior-year reserve on non-iconic phone inventory which did not recur this year; and (2) improved rates primarily driven by our more disciplined promotional strategy across product categories. These increases were partially offset by our investments in services pricing. The GAAP gross profit rate was also positively impacted by $183 million in CRT settlement proceeds.

Domestic Selling, General and Administrative Expenses (“SG&A”)
Domestic SG&A expenses were $1.59 billion, or 20.3% of revenue, versus $1.58 billion, or 20.1% of revenue, last year. On a non-GAAP basis, SG&A expenses were $1.56 billion, or 19.9% of revenue, versus $1.56 billion, or 19.8% of revenue, last year. Non-GAAP SG&A was flat as investments in the business were offset by the flow-through of Renew Blue Phase 2 cost reductions. GAAP SG&A increased year over year due primarily to $22 million in legal fees and costs associated with the CRT settlement proceeds.

International Segment First Quarter Results

International Revenue
International revenue of $614 million declined 8.1%. This decline was primarily driven by (1) approximately 690 basis points of negative foreign currency impact; and (2) the loss of revenue associated with closed stores as part of the Canadian brand consolidation. On a constant currency basis, International revenue declined 1.2%.

International Gross Profit Rate
International gross profit rate was 25.9% versus 21.6% last year. On a non-GAAP basis, gross profit rate was 25.9% versus 22.8% last year. Both the GAAP and non-GAAP gross profit rates increased 310 basis points primarily driven by a higher year-over-year gross profit rate in Canada as the company (1) lapped the significant disruption and corresponding increased promotional activity related to the brand consolidation in Q1 FY16; and (2) received a higher periodic profit sharing payment in the services business. The GAAP gross profit rate increase was also impacted by the prior year impact of COGS restructuring charges.

International SG&A
International SG&A expenses were $157 million, or 25.6% of revenue, versus $182 million, or 27.2% of revenue, last year. On a non-GAAP basis, SG&A expenses were $156 million, or 25.4% of revenue, versus $179 million, or 26.8% of revenue, last year. This $23 million, or 140-basis point, decrease in GAAP and non-GAAP SG&A was primarily driven by the elimination of expenses associated with closed stores as part of the Canadian brand consolidation and the positive impact of foreign exchange rates. GAAP SG&A decreased an additional $2 million due primarily to lower Canadian brand consolidation charges.

Income Taxes
In Q1 FY17, the GAAP continuing operations effective income tax rate decreased 1,300 basis points to 37.3% versus 50.3% last year. On a non-GAAP basis, the continuing operations effective income tax rate increased 130 basis points to 37.7% versus 36.4% last year.

Q2 FY17 Financial Guidance
Best Buy is providing the following Q2 FY17 financial guidance:

  • Enterprise revenue in the range of $8.35 to $8.45 billion, a decline of (2.1%) to (0.9%)
  • International revenue decline of (5%) to (10%)
  • Enterprise and Domestic comparable sales of approximately flat
  • Non-GAAP effective income tax rate of approximately 36.0% to 36.5% versus 37.1% last year
  • Diluted weighted average share count of 325 million versus 354 million last year, resulting in a positive $0.04year-over-year non-GAAP EPS impact
  • Non-GAAP diluted EPS of $0.38 to $0.42 versus $0.49 last year

Note: Enterprise comparable sales are currently equal to Domestic comparable sales due to the impacts of the Canadian brand consolidation.1 The company’s non-GAAP financial guidance does not reflect the potential impact of non-GAAP adjustments, which include (but, in future periods, may not be limited to) restructuring charges, CRT and LCD settlements, asset impairments, gains and losses on investments, other brand consolidation costs and the tax effect of such items. The company cannot reliably predict or estimate if and when these types of transactions or adjustments may occur or their impact to its financial statements.

Share Repurchases and Dividends
On February 25, 2016, the company announced the intent to repurchase $1 billion of its shares over a two-year period. In Q1 FY17, the company repurchased 3.2 million shares for a total of $97 million. The company’s cumulative share repurchases positively benefitted non-GAAP diluted EPS by $0.04 in Q1 FY17.

On April 07, 2016, the company paid a quarterly dividend of $0.28 per common share outstanding, or $90 million, and a special one-time dividend of $0.45 per common share outstanding, or $145 million.

Restructuring Charges
During Q1 FY17, the company made decisions to cease certain operations and restructure certain teams. As such, restructuring charges of $29 million were recorded primarily relating to asset impairments and severance. In Q1 FY16, restructuring charges of $186 million were recorded primarily in relation to the Canadian brand consolidation.

Reminder: Discontinuation of Holiday Sales Press Release in FY17
Beginning in January FY17, the company will no longer issue an interim Holiday press release due to the increasing significance of the month of January to the company’s overall fourth quarter financial results.

Conference Call
Best Buy is scheduled to conduct an earnings conference call at 8:00 a.m. Eastern Time (7:00 a.m. Central Time) onMay 24, 2016. A webcast of the call is expected to be available at www.investors.bestbuy.com both live and after the call.

(1) On March 28, 2015, the company consolidated the Future Shop and Best Buy stores and websites in Canada under the Best Buy brand. This resulted in the permanent closure of 66 Future Shop stores, the conversion of 65 Future Shop stores to Best Buy stores and the elimination of the Future Shop website. The Canadian brand consolidation has a material impact on a year-over-year basis on the Canadian retail stores and the website. As such, all store and website revenue has been removed from the comparable sales base and International (comprised of Canada andMexico) no longer has a comparable metric until International revenue is comparable on a year-over-year basis. Therefore, Enterprise comparable sales will be equal to Domestic comparable sales until International revenue is again comparable on a year-over-year basis. Additionally, the company is no longer reporting comparable sales excluding the impact of installment billing as the mix of installment billing plans is comparable on a year-over-year basis.

The term constant currency represents results adjusted to exclude foreign currency impacts. Foreign currency impact represents the difference in results that is attributable to fluctuations in currency exchanges rates the company uses to convert the results of its International segment where the functional currency is not the U.S. dollar. The company calculates the impact as the difference between the current period results translated using the current period currency exchange rates and using the comparable prior period’s currency exchange rates. The company believes the disclosure of revenue changes in constant currency provides useful supplementary information to investors in light of significant fluctuations in currency rates and ongoing inability to report comparable store sales for the International segment as a result of the Canadian brand consolidation.

(2) According to The NPD Group’s Weekly Retail Tracking Service as published May 9, 2016, revenue for the CE (Consumer Electronics) industry declined 1.9% during the 13 weeks ended April 30, 2016 compared to the 13 weeks ended May 2, 2015. The CE industry, as defined by The NPD Group, includes TVs, desktop and notebook computers, tablets not including Kindle, digital imaging and other categories. Sales of these products represent approximately 65% of the company’s Domestic revenue. The CE industry, as defined by The NPD Group, does not include mobile phones, appliances, services, gaming, Apple Watch, movies or music.

Forward-Looking and Cautionary Statements:
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that reflect management’s current views and estimates regarding future market conditions, company performance and financial results, business prospects, new strategies, the competitive environment and other events. You can identify these statements by the fact that they use words such as “anticipate,” “believe,” ”assume,” “estimate,” “expect,” “intend,” “project,” “guidance,” “plan,” “outlook,” and other words and terms of similar meaning. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: macro-economic conditions (including fluctuations in housing prices, oil markets and jobless rates), conditions in the industries and categories in which we operate, changes in consumer preferences, changes in consumer confidence, consumer spending and debt levels, online sales levels and trends, average ticket size, the mix of products and services offered for sale in our physical stores and online, credit market changes and constraints, product availability, competitive initiatives of competitors (including pricing actions and promotional activities of competitors), strategic and business decisions of our vendors (including actions that could impact promotional support, product margin and/or supply), the success of new product launches, the impact of pricing investments and promotional activity, weather, natural or man-made disasters, attacks on our data systems, the company’s ability to prevent or react to a disaster recovery situation, changes in law or regulations, changes in tax rates, changes in taxable income in each jurisdiction, tax audit developments and resolution of other discrete tax matters, foreign currency fluctuation, availability of suitable real estate locations, the company’s ability to manage its property portfolio, the impact of labor markets, the company’s ability to retain qualified employees and changes in senior management, failure to achieve anticipated expense and cost reductions from operational and restructuring changes, disruptions in our supply chain, the costs of procuring goods the company sells, failure to achieve anticipated revenue and profitability increases from operational and restructuring changes (including investments in our multi-channel capabilities and brand consolidations), inability to secure or maintain favorable vendor terms, failure to accurately predict the duration over which we will incur costs, acquisitions and development of new businesses, divestitures of existing businesses, failure to complete or achieve anticipated benefits of announced transactions, integration challenges relating to new ventures, and our ability to protect information relating to our employees and customers. A further list and description of these risks, uncertainties and other matters can be found in the company’s annual report and other reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, Best Buy’s Report on Form 10-K filed with the SEC on March 23, 2016. Best Buy cautions that the foregoing list of important factors is not complete, and any forward-looking statements speak only as of the date they are made, and Best Buy assumes no obligation to update any forward-looking statement that it may make.

Source: Best Buy Co., Inc.

Best Buy Co., Inc.

Investor Contact:
Mollie O’Brien, 612-291-7735
mollie.obrien@bestbuy.com

or

Media Contact:
Jeff Shelman, 612-291-6114
jeffrey.shelman@bestbuy.com

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Best Buy CAO and CFO Sharon McCollam to step down and will be succeeded by Corie Barry on June 14, 2016

  • CAO and CFO Sharon McCollam to step down at conclusion of company’s annual shareholder meeting in June
  • Current Chief Strategic Growth Officer to assume CFO role

MINNEAPOLIS, 2016-May-25 — /EPR Retail News/ — As part of an internal succession plan, Best Buy today announced that Sharon McCollam, the company’s chief administrative and chief financial officer, will be stepping down on June 14, 2016. McCollam will remain with the company in an advisory capacity until the end of the fiscal year, January 28, 2017, to ensure a seamless transition. (PDF Version)

Corie Barry, a 16-year veteran of Best Buy and its current chief strategic growth officer, will become the company’s chief financial officer at the conclusion of Best Buy’s annual shareholder meeting, being held on June 14.

Hubert Joly, Best Buy chairman and CEO commented, “Over her many years at Best Buy, Corie has held several field and corporate roles, both in operations and finance. She was formerly the senior vice president of U.S. Finance and, until recently, she led our services business on an interim basis while standing up the company’s Strategic Growth Office. Since Sharon arrived, she has been grooming Corie for this role and the Board of Directors, Sharon and I are confident that Corie’s experience, skills and commitment to Best Buy’s future make her the perfect choice for this role.”

Joly continued, “On behalf of my colleagues on the executive team and the people around Best Buy whose professional lives she’s touched, I want to thank Sharon for all that she’s done for Best Buy. Sharon came out of retirement in 2012 to help revitalize the company when it was facing a multifaceted crisis. Three and a half years later, we are in a completely different place and are into the next phase of our journey as a company. Sharon can leave with a sense of confidence in the future of the company and certain that her legacy will endure.”

Joly concluded, “To my friend, I say simply, thank you for the profound and lasting impact that you have had here! The ability to now begin to spend more time with your husband is so well-deserved.”

Sharon McCollam, CAO and CFO commented, “In every person’s career, there are moments when their heart is filled with emotion. Today is one of those moments for me. I cannot express deeply enough what an immense privilege it has been to be a part of this remarkable company and exciting transformation. With our team of more than 125,000 people, we have worked hand-in-hand to Renew Blue, and today, Best Buy is stronger than ever. What I will cherish most of my time here is the pride that I have felt working with one of the most talented and dedicated teams in retail, not to mention with Hubert who is an extraordinary leader, an inspiring business partner and a friend. I will be forever grateful to have had the opportunity to share this journey with my entire Best Buy family.”

McCollam continued, “As I step down, I do so knowing that we have never been as well-positioned as we are today to take Best Buy to a new level. For this, I would like to thank Hubert, my peers, our corporate and field teams, and in particular, my direct reports, for their exceptional contributions that have made this possible. I would also like to thank our Board and our shareholders for their confidence and support.”

McCollam concluded, “Finally, I would like to thank Corie. Corie has been my strategic right-hand partner since I joined Best Buy. With her exceptional financial acumen and deep understanding of Best Buy’s operations, she has been an influential leader over the financial and cost disciplines that have been established across the company over the past several years. She is also a highly respected cross-functional leader and will be an incredible CFO of whom I could not be more proud or confident. Congratulations, Corie!”

Succeeding Barry as the chief strategic growth officer is Asheesh Saksena. Saksena was most recently the executive vice president of strategy and new business development for Cox Communications. Previously, he was the deputy chief strategy officer for Time Warner Cable. He joins Best Buy next month, reporting to Joly and serving on the executive team.

McCollam’s duties as chief administrative officer will be assumed by several members of the company’s executive team.

  • Barry will also have reporting to her the company’s information technology, information security, audit, procurement and pricing functions.
  • Shari Ballard, president of U.S. retail, takes on the real estate function and will have Best Buy’s business in Mexico reporting to her. In recognition of her additional duties and broad responsibilities, she has been promoted to senior executive vice president.
  • Mike Mohan, Best Buy’s chief merchandising officer, will now have reporting to him the supply chain function. He, too, has been promoted to senior executive vice president in recognition of his expanded role and responsibilities.
  • Trish Walker, president of services, will now have the company’s Enterprise Customer Care function reporting to her. Walker joined Best Buy in April 2016 after two decades with Accenture where, most recently, she led their retail practice.

 

Investor Contact:

Mollie O’Brien
(612) 291-7735 or mollie.obrien@bestbuy.com

Media Contact:
Jeff Shelman
(612) 291-6114 or jeffrey.shelman@bestbuy.com

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Appliances and tech gadgets on Best Buy’s hottest products list for the wedding season

Minneapolis, MN, 2016-May-18 — /EPR Retail News/ — We’re in wedding season, folks. An average of 2.4 million nuptial ceremonies are performed in the U.S. each year, with 44,230 taking place each weekend.

That’s a lot of vows, cake and chicken dances.

For many couples, it’s crunch time to knock out their to-dos before the “I Dos.” That means finalizing attendee lists, setting menus, communicating with vendors and filling out wedding registries.

When it comes to the registry, modern couples are ditching the candlesticks and china for blenders and cameras. They want products that fit in with their digital lives. (Fun fact: Today’s couples take almost three times as many photos as older couples did.)

Best Buy’s wedding registry checklist and starter registry help couples assess their needs and wants for the kitchen, living room and office, as well as home and personal care essentials.

The hottest products on Best Buy’s wedding registry right now include a variety of appliances and tech gadgets. There must be a lot of newlyweds out there cooking up some wicked waffles and tasty smoothies.

Here are the top 10 items showing up on the Best Buy registry:

  1. 1. Hamilton Beach Slow Cooker
  2. 2. Ninja Professional Blender
  3. 3. Oster Waffle Maker
  4. 4. Cuisinart Hand Blender
  5. 5. Dyson Handheld Vacuum
  6. 6. Apple TV
  7. 7. Sonos Play:1
  8. 8. Canon EOS Rebel DSLR Camera
  9. 9. Sony Blu-ray Player
  10. 10. GoPro Hero 4 Silver

Planning on attending a wedding this summer? Don’t be “that guest” – remember to show up with more than a card. It’s a good idea to select gifts from the couple’s registries, spend an appropriate amount and pool your money with friends when you can’t find something in your price range.

Go online to learn more about the Best Buy wedding registry or stop in to your nearby store.

 

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Appliances and tech gadgets on Best Buy’s hottest products list for the wedding season

Appliances and tech gadgets on Best Buy’s hottest products list for the wedding season

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Best Buy the first and only U.S. retailer where customers can try out Oculus Rift

Minneapolis, MN, 2016-May-17 — /EPR Retail News/ — Last week, Aaron Neuhouser climbed the steep face of a Himalayan mountain for an incredible view — and he did so without ever taking his feet off the ground or leaving the United States.

You see, Aaron wasn’t actually on a mountain. He was virtually on a mountain.

Aaron was at the Best Buy store at Mall of America in Bloomington, Minnesota, where he had an opportunity to experience the highly anticipated Oculus Rift virtual reality headset for the first time.

“It’s entirely immersive,” he said. “It’s incredible to see.”

Best Buy is the first and only U.S. retailer where customers can try out Oculus Rift, with free in-store demos at 48 stores across the country. Hundreds of people have already participated, and the time slots for demos at many stores are booked up for days — or even weeks — in advance.

The demos feature two virtual reality experiences. There’s The Climb, the rock-climbing game that Aaron played, and there’s Dreamdeck, which transports you to places like the top a skyscraper or an alien encounter in outer space.

Haven’t tried VR yet and wondering what you can expect?

“A whole lot of awesomeness,” said Blue Shirt Tim Davis, an Intel Experience Expert at the Mall of America store.

This is expected to be a breakthrough year for VR because the immersive technology is getting easier for consumers to acquire. The Consumer Technology Association (CTS) estimates that virtual reality headset sales will increase 500 percent to 1.2 million units in 2016.

If you want to experience the fully immersive world of virtual reality for yourself, sign up for a demo at live.oculus.com. If time slots are full, try to score one of the walk-up sessions by visiting the store. To find a list of locations, visit BestBuy.com/Oculus.

SOURCE: Best Buy

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Best Buy the first and only U.S. retailer where customers can try out Oculus Rift

Best Buy the first and only U.S. retailer where customers can try out Oculus Rift

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Best Buy: Pro football star Von Miller now also a Geek Squad agent

Minneapolis, MN, 2016-Apr-13 — /EPR Retail News/ — Von Miller is a Super Bowl MVP, dancing phenom, self-proclaimed nerd and now… an official Geek.

The pro football star filled out a Geek Squad job app Sunday night and, true to Geek Squad tradition was deputized in record time by Geek Squad Chief Inspector Nate Bauer Monday morning. With that came a nifty new badge. (It usually takes 18 months for agents to earn one.)

No doubt excited, Von took to social media to show it off.

Later, he shared with everyone his firsthand experience assisting on a house call with Agent Bauer and rolling in the brand-new Toyota Prius C Geekmobile that was revealed Monday.

The world took notice. His posts on Instagram generated almost 200,000 total views and 53,000 likes. And, on Twitter, he was retweeted nearly 600 times.

Sports Illustrated was impressed by Von’s geeky new gig, and Fox Sports definitely felt all that geek love, too.

Best Buy and Geek Squad could not be more pumped to have Agent Miller join the team, if only for one day.

SOURCE: Best Buy

Media Inquiries
612.231.5146 / press@bestbuy.com

 

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Best Buy: Pro football star Von Miller now also Geek Squad agent

Best Buy: Pro football star Von Miller now also Geek Squad agent

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Best Buy announces 1,000 Toyota Prius c hybrids to serve as its new Geekmobile vehicles

Minneapolis, MN, 2016-Apr-12 — /EPR Retail News/ — With a brand new ride and refreshed logo, Geek Squad is all revved up for the road ahead.

Best Buy announced today the dispatch of nearly 1,000 Toyota Prius c hybrids nationwide to serve as our new Geekmobile vehicles. The new Geekmobile, boldly bearing the updated logo, better reflects today’s new Geek Squad — the nationwide tech-support task force that is continually expanding its services to keep pace with ever-changing technology.

When Geek Squad began more than 20 years ago, it was a small, local business dedicated solely to repairing personal computers. Now, it is a national organization of more than 20,000 Agents who visit homes 13,000 times a day to help customers learn about and enjoy their technology.

“Today’s Geek Squad Agent is more likely to help a client with a new home theater experience, optimizing their Wi-Fi or smart security solution than the family computer,” Geek Squad Chief Inspector Nate Bauer said.

In recognition of today’s big news, Geek Squad has enlisted a special deputy. Super Bowl MVP Von Miller, Dancing With the Stars cast member and self-confessed geek, will join Agents on the first client house call made in the new Geekmobile.

Agents visit clients’ homes more than 5 million times a year, and the Geekmobile has always been a highly recognized symbol of the Geek Squad brand. That tradition started with the original pistachio-green 1958 Simca Aronde Elysee and continues today with the rollout of the Prius c.

Geek Squad selected the Prius c because of its innovative engineering and environmental advantages. The Prius revolutionized the auto industry as the first mass-produced hybrid car.

The new, greener Geekmobile will cut the Geek Squad fleet’s emissions by 50 percent, as compared with the previous vehicle, which rolled out nationwide in 2004. The switch to the hybrid will help Best Buy make significant progress toward its commitment to reducing its own carbon emissions by 45 percent by 2020.

The logo, meanwhile, has been modernized to reflect more than a computer repair heritage. The sleek, refreshed design is easier to read on today’s small screens (think smartphones and watches), as well as when it’s zipping by on the side of a Geekmobile.

You can learn more about Geek Squad’s service offerings online or by visiting your local Best Buy store. You can also download the Geek Squad app, which provides access to our Agents who are available all day, every day.

 Media Contact:

Jeff Shelman, Public Relations
612-859-4632
Jeffrey.shelman@bestbuy.com

SOURCE: Best Buy

 

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Citi ThankYou Points can now be used to purchase on BestBuy.com

Minneapolis, MN, 2016-Apr-09 — /EPR Retail News/ — Forget checking the couch cushions for spare change. It’s time to check your credit card rewards balance for unused points instead.

Best Buy customers can now use Citi ThankYou Points to pay for all or a portion of most purchases made on BestBuy.com, making it easy and convenient to redeem their points for top tech products.

Consumer electronics are already among the most sought-after redemption categories in the ThankYou Rewards program, and this partnership offers a new, more versatile way for Citi ThankYou members to get items they want the most.

It’s a big win for consumers because they’re now able to redeem points toward virtually any product sold at BestBuy.com, not just a preselected assortment in a rewards catalog. Plus, they can take advantage of sale prices, and they can opt forStore Pickup to get their order right away. (Customers will be able to return items at any Best Buy store, as well.)

“Our partnership with Best Buy is another important milestone for on-demand points redemption that offers members the flexibility to choose to cover all or part of any purchase made on BestBuy.com,” said Mary Hines, Citi’s managing director for benefits, new product development and global rewards.

The partnership between Best Buy and Citi is part of a broader trend of consumers being able to use rewards points as currency. Last year, Best Buy and American Express teamed up to launch “Pay With Points,” to allow customers to redeem their American Express Membership Rewards points to pay for all purchases at BestBuy.com (except e-gift cards).

To pay with points, Citi or American Express rewards members can simply visit BestBuy.com, select the items they wish to buy and enter an eligible credit card at checkout. They can then view their available points balance and select how many points they would like to apply, up to the full purchase amount. After completing the purchase, the full amount will be billed to the customer’s credit card statement. They will receive a statement credit for the dollar value of the points used within 24 to 48 hours.

As technology continues to evolve, so, does the way shoppers pay for goods and services. That’s why Best Buy gives our customers many options. In addition to the old staples of cash, checks and credit cards, we also accept mobile payment platforms such Apple Pay, Android Pay and Samsung Pay, as well as Visa Checkout, PayPal and now AmEx and Citi rewards points.

So go check your rewards balance for unused points. You might just be able to turn them into that new TV or smartphone you’ve been saving up for.

Media Inquiries
612.231.5146 / press@bestbuy.com

SOURCE: Best Buy

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Best Buy expands its test of same-day delivery service to 13 major metro markets across the United States

Minneapolis, MN, 2016-Apr-09 — /EPR Retail News/ — Want to get your hands on the latest technology — or everyday must-haves like printer ink — quickly but don’t have time to stop by a store? Best Buy has good news for you.

The company announced Wednesday that it’s expanding its test of same-day delivery service to 13 major metro markets across the United States.

We started the pilot in San Francisco last fall and expanded it to New York early this year. We’ve since added Atlanta, Boston, Chicago, Dallas, Houston, Las Vegas, Los Angeles, Miami, Philadelphia, Seattle and Washington, D.C.

The same-day delivery initiative is part of Best Buy’s ongoing commitment to improving the in-store and online shopping experience. We want our shoppers to be able to get what they want, when and where they want it.

That’s why we partnered with Deliv, a California company that’s the leader in same-day delivery for retail. Deliv driver partners pick up orders and deliver them directly to our customers.

Customers in participating markets will have most products — thousands, in fact — delivered to their doorsteps on the same day they’re ordered. Anyone with a ZIP code in an eligible market can select same-day delivery under “Expedited Shipping” when choosing a shipping option on BestBuy.com.

Prices vary, with an average cost of $10 to $20 per order. That’s about the same price as one-day business express shipping. Same-day delivery for printer ink is currently free.

Orders must be placed on BestBuy.com by 3 p.m. local time and will be delivered by 9 p.m. that day. Deliv does not provide the service on Sundays or for items weighing more than 50 pounds.

Our stores also play a key role in this pilot because same-day delivery orders aren’t filled at a warehouse but at one of the more than 165 Best Buy stores in the Deliv markets. Seventy percent of Americans live within 15 minutes of a Best Buy store, making it possible for us to get products from the stores to our customers the same day they order on BestBuy.com.

Of course, same-day delivery isn’t the only option for customers who want to shop online and get their orders fast. Check out free Store Pickup at all Best Buy stores, which lets shoppers to pick up orders at the location that’s most convenient for them.

Media Inquiries
612.231.5146 / press@bestbuy.com

SOURCE: Best Buy

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Best Buy expands its test of same-day delivery service to 13 major metro markets across the United States

Best Buy expands its test of same-day delivery service to 13 major metro markets across the United States