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Best Buy Co., Inc.
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2019 Vault Rankings

About Best Buy Co., Inc.

Electronics giant Best Buy is preparing to outlast the competition with a compelling mix of products and services. The multinational retailer sells both products and services through more than 1,230 stores in the US, Canada, and Mexico under the Best Buy, Best Buy Business, Best Buy Express, Best Buy Mobile, Best Buy Health, CST, Geek Squad, GreatCall, Lively, Magnolia, and Pacific Kitchen and Home Sales banners. Its stores sell a variety of electronic gadgets and wearables, tablets, movies, music, computers, mobile phones, and appliances. On the services side, it offers installation and maintenance, delivery, design, in-home consultations, memberships, protection plans, repair, set-up, technical support and health-related services. With 2.3 million staff members, Best Buy's Geek Squad provides support for customers' technology products in a variety of ways, online, on the phone, at customers' homes, and at Best Buy store locations. The company also provides health and safety technology solutions to aging customers through its GreatCall provider.


Best Buy's operations consist of its Domestic and International segments. The Domestic segment, which made up more than 90% of the retailer's total sales, focuses on the US market, where Best Buy, Best Buy Business, Best Buy Express, Best Buy Health, CST, Geek Squad (technology support services), GreatCall, Lively, Magnolia, Pacific Kitchen and Home (kitchen appliance sales and installation) can be found in US Best Buy stores using the store-within-a-store format.

The company's International segment (about 10% of revenue) focuses on markets in Canada and Mexico. It counts the sales in Canada under the Best Buy (, Best Buy Mobile, Best Buy Express and Geek Squad; and sales in Mexico under the Best Buy (, Best Buy Mobile, Best Buy Express, and Geek Squad brands.

Product-wise, the company generates about 45% of its total revenue from computers and mobile phone sales, while around a third of its revenue came from consumer electronic sales. The remaining revenue came from Appliances (around 10%), Entertainment (over 5%), and Services (around 5%).

Geographic Reach

Best Buy generated more than 90% of its total sales in the US, while Canada and Mexico contributed about 10%. The retailer also has a presence in Barbados, Bermuda, China, Hong Kong, Luxembourg, the Republic of Mauritius and the UK.

The company has about 1,010 stores in the US and more than 220 stores internationally.

The company's principal corporate headquarters consists of four interconnected buildings in Richfield, Minnesota.

Sales and Marketing

Best Buy purchases its merchandise from a variety of suppliers. The company purchased about 80% of its merchandise from five main suppliers: Apple, Samsung, Hewlett-Packard, Sony, and LG Electronics.

The company's advertising expenses were $840 million, $777 million and $776 million in fiscal 2020, fiscal 2019 and fiscal 2018, respectively.

Both Best Buy's operating segments operate a multi-channel platform that allows customers to come to them online, visit their stores or invite them into their homes.

Financial Performance

Best Buy has seen uneven revenue growth in recent years amid fierce competition from larger and online retailers. Its annual revenues have risen overall about 10% since 2016.

Revenue increased to $43.6 billion in fiscal year 2020, an approximately 2% increase from the year prior. The increase was primarily driven by the comparable sales growth of 2% and revenue from GreatCall prior to its inclusion in comparable sales in the fourth quarter of fiscal 2020.

Net income was $1.5 billion in 2020, an increase of 5% from fiscal 2019. Selling, general and administrative expenses fell slightly in 2020 to $8 billion.

Cash on hand at the end of 2020 was $2.4 billion. Cash provided by operating activities was $2.6 billion in 2020, while investing activities used $895 million. Financing activities also used $1.5 billion.


Best Buy continues to make progress on its Building the New Blue strategy and its purpose to enrich lives through technology. Its strategy is to leverage a unique combination of tech and touch to meet every day human needs and build more and deeper relationships with customers. Best Buy believes that its strategy will translate to an economic model that delivers results by better serving existing customers, capturing new demand, entering new spaces and building capabilities while maintaining profitability over time.

During fiscal 2020, the company continued to expand its Total Tech Support program, ending fiscal 2020 with almost 2.3 million members. Having a service that provides members unlimited Geek Squad support for all their technology no matter where or when they bought it, is a compelling value proposition for our members. It also expanded its In-Home Advisor program from 530 advisors to approximately 720 advisors and provided more than 250,000 free, in-home consultations to customers across the nation. In Health, Best Buy continued to advance its initiatives designed to help seniors live longer in their homes with the help of technology. The company successfully integrated acquisitions that have given it the capabilities, infrastructure, talent and a base of customer relationships to build from. Best Buy continued to elevate the customer experience around product fulfillment, enabled by the advancement of its supply chain transformation. In parallel to the customer experience work, the company continued to drive efficiencies and reduce costs in order to fund investments and offset pressures.

The company will also continue to innovate and design multi-channel experiences that solve customer needs across its website, app and other channels in ways that enhance the experience across online and physical shopping and continue with supply chain transformation, including using automation and process improvements to expand fulfillment options, increase delivery speed and improve delivery and installation. In addition, as has been its brand over the last several years, Best Buy will strive to keep driving cost reductions and efficiencies throughout the business.

Mergers and Acquisitions

In 2019, Best Buy acquired: remote monitoring company Critical Signal Technologies, as part of its continuing effort to grow its at-home health services business; and the predictive healthcare technology business of BioSensics, LLC ("BioSensics") for net cash consideration of $20 million, primarily comprised of $19 million of goodwill and $4 million of definite-lived technology (amortized over 3 years).

Company Background

Best Buy was founded by Richard Schulze in 1966 and called Sound of Music before the name changed to Best Buy in 1983.

Best Buy Co., Inc.

7601 Penn Ave S
Richfield, MN 55423-3683
Phone: 1 (612) 291-1000

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: BBY
Stock Exchange: , NYSE
CFO: Corie S. Barry
Chairman and CEO: Hubert Joly
SEVP and Chief Merchandising and Marketing Officer: R. Michael Mohan
Employees (This Location): 120
Employees (All Locations): 125,000

Major Office Locations

Richfield, MN

Other Locations

Anchorage, AK
Alabaster, AL
Birmingham, AL
Dothan, AL
Fultondale, AL
Hoover, AL
Huntsville, AL
Mobile, AL
Montgomery, AL
Opelika, AL
Oxford, AL
Prattville, AL
Spanish Fort, AL
Tuscaloosa, AL
Benton, AR
Conway, AR
Fayetteville, AR
Fort Smith, AR
Hot Springs, AR
Jonesboro, AR
Little Rock, AR
North Little Rock, AR
Rogers, AR
Avondale, AZ
Chandler, AZ
Flagstaff, AZ
Gilbert, AZ
Glendale, AZ
Goodyear, AZ
Mesa, AZ
Oro Valley, AZ
Phoenix, AZ
Prescott, AZ
Scottsdale, AZ
Sierra Vista, AZ
Surprise, AZ
Tempe, AZ
Tucson, AZ
Yuma, AZ
Anaheim, CA
Apple Valley, CA
Auburn, CA
Bakersfield, CA
Beaumont, CA
Brentwood, CA
Burbank, CA
Canoga Park, CA
Capitola, CA
Cerritos, CA
Chico, CA
Chino, CA
Chino Hills, CA
Chula Vista, CA
Citrus Heights, CA
City Of Industry, CA
Clovis, CA
Colma, CA
Compton, CA
Concord, CA
Corona, CA
Costa Mesa, CA
Culver City, CA
Daly City, CA
Dinuba, CA
Downey, CA
Duarte, CA
Dublin, CA
El Cajon, CA
El Centro, CA
Elk Grove, CA
El Segundo, CA
Encinitas, CA
Escondido, CA
Fairfield, CA
Folsom, CA
Fresno, CA
Fullerton, CA
Gilroy, CA
Glendale, CA
Glendora, CA
Goleta, CA
Hawthorne, CA
Hayward, CA
Irvine, CA
La Jolla, CA
Lakewood, CA
La Mesa, CA
La Quinta, CA
Long Beach, CA
Los Angeles, CA
Marina, CA
Menifee, CA
Merced, CA
Milpitas, CA
Mira Loma, CA
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Modesto, CA
Montclair, CA
Montebello, CA
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Murrieta, CA
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Paducah, KY
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Kenner, LA
Lafayette, LA
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Slidell, LA
Boston, MA
Braintree, MA
Brockton, MA
Burlington, MA
Cambridge, MA
Danvers, MA
Dedham, MA
Dorchester, MA
Everett, MA
Framingham, MA
Holyoke, MA
Hyannis, MA
Leominster, MA
Mansfield, MA
Marlborough, MA
Milford, MA
Millbury, MA
Natick, MA
North Attleboro, MA
North Dartmouth, MA
Peabody, MA
Plymouth, MA
Saugus, MA
Seekonk, MA
Watertown, MA
Worcester, MA
Annapolis, MD
Baltimore, MD
Bel Air, MD
Bethesda, MD
Bowie, MD
California, MD
College Park, MD
Columbia, MD
Elkridge, MD
Frederick, MD
Gaithersburg, MD
Germantown, MD
Hagerstown, MD
Hanover, MD
Lanham, MD
Laurel, MD
Lutherville Timonium, MD
Owings Mills, MD
Rockville, MD
Salisbury, MD
Towson, MD
Waldorf, MD
Wheaton, MD
White Marsh, MD
Augusta, ME
Bangor, ME
South Portland, ME
Allen Park, MI
Ann Arbor, MI
Auburn Hills, MI
Battle Creek, MI
Benton Harbor, MI
Bloomfield, MI
Chesterfield, MI
Dearborn, MI
Farmington Hills, MI
Flint, MI
Fort Gratiot, MI
Grand Rapids, MI
Holland, MI
Jackson, MI
Lansing, MI
Livonia, MI
Madison Heights, MI
Marquette, MI
Midland, MI
Muskegon, MI
Norton Shores, MI
Novi, MI
Okemos, MI
Portage, MI
Rochester Hills, MI
Roseville, MI
Saginaw, MI
Southfield, MI
Taylor, MI
Traverse City, MI
Troy, MI
Utica, MI
Westland, MI
Apple Valley, MN
Athens, MN
Baxter, MN
Blaine, MN
Bloomington, MN
Burnsville, MN
Duluth, MN
Eagan, MN
Eden Prairie, MN
Hutchinson, MN
Lakeville, MN
Mankato, MN
Maple Grove, MN
Maplewood, MN
Minneapolis, MN
Minnetonka, MN
North Little Rock, MN
Oakdale, MN
Richfield, MN
Rochester, MN
Roseville, MN
Saint Cloud, MN
Saint Paul, MN
Shakopee, MN
Stillwater, MN
Branson, MO
Bridgeton, MO
Cape Girardeau, MO
Chesterfield, MO
Columbia, MO
Fenton, MO
Independence, MO
Jefferson City, MO
Joplin, MO
Kansas City, MO
Lees Summit, MO
Manchester, MO
Saint Joseph, MO
Saint Louis, MO
Saint Peters, MO
Springfield, MO
Wentzville, MO
Diberville, MS
Flowood, MS
Gulfport, MS
Madison, MS
Meridian, MS
Southaven, MS
Tupelo, MS
Billings, MT
Missoula, MT
Aberdeen, NC
Arden, NC
Asheville, NC
Burlington, NC
Cary, NC
Charlotte, NC
Concord, NC
Durham, NC
Fayetteville, NC
Garner, NC
Gastonia, NC
Greensboro, NC
Greenville, NC
Hickory, NC
Jacksonville, NC
Knightdale, NC
Matthews, NC
Mooresville, NC
Morehead City, NC
Pineville, NC
Raleigh, NC
Waynesville, NC
Wilmington, NC
Wilson, NC
Winston Salem, NC
Bismarck, ND
Fargo, ND
Grand Forks, ND
Minot, ND
Grand Island, NE
Lincoln, NE
Omaha, NE
Papillion, NE
Concord, NH
Manchester, NH
Nashua, NH
Newington, NH
Salem, NH
West Lebanon, NH
Brick, NJ
Bridgewater, NJ
Cherry Hill, NJ
Deptford, NJ
East Brunswick, NJ
East Hanover, NJ
Eatontown, NJ
Edison, NJ
Freehold, NJ
Holmdel, NJ
Iselin, NJ
Jersey City, NJ
Manahawkin, NJ
Mays Landing, NJ
Monmouth Junction, NJ
Moorestown, NJ
Mount Laurel, NJ
Paramus, NJ
Phillipsburg, NJ
Princeton, NJ
Riverdale, NJ
Rockaway, NJ
Secaucus, NJ
Union, NJ
Vauxhall, NJ
Vineland, NJ
Wayne, NJ
Woodbury, NJ
Woodland Park, NJ
Albuquerque, NM
Farmington, NM
Las Cruces, NM
Santa Fe, NM
Carson City, NV
Henderson, NV
Las Vegas, NV
Reno, NV
Sparks, NV
Albany, NY
Amherst, NY
Baldwin, NY
Bay Shore, NY
Bronx, NY
Bronxville, NY
Brooklyn, NY
Buffalo, NY
Cheektowaga, NY
De Witt, NY
East Northport, NY
Elmhurst, NY
Elmira, NY
Farmingdale, NY
Flushing, NY
Hartsdale, NY
Huntington Station, NY
Ithaca, NY
Kingston, NY
Levittown, NY
Liverpool, NY
Long Island City, NY
Middletown, NY
Mohegan Lake, NY
Monroe, NY
Mount Vernon, NY
New Hartford, NY
New York, NY
Nichols, NY
Patchogue, NY
Plattsburgh, NY
Poughkeepsie, NY
Riverhead, NY
Rochester, NY
Rockville Centre, NY
Saratoga Springs, NY
South Setauket, NY
Staten Island, NY
Syracuse, NY
Valley Stream, NY
Vestal, NY
Victor, NY
Watertown, NY
Westbury, NY
West Nyack, NY
Yonkers, NY
Akron, OH
Avon, OH
Beavercreek, OH
Boardman, OH
Canton, OH
Cincinnati, OH
Cleveland, OH
Columbus, OH
Copley, OH
Cuyahoga Falls, OH
Dayton, OH
Dublin, OH
Elyria, OH
Fairfield Township, OH
Findlay, OH
Grove City, OH
Heath, OH
Holland, OH
Lancaster, OH
Macedonia, OH
Marysville, OH
Mayfield Heights, OH
Mentor, OH
Niles, OH
North Olmsted, OH
Ontario, OH
Ravenna, OH
Reynoldsburg, OH
Sandusky, OH
Springfield, OH
Strongsville, OH
Toledo, OH
Wooster, OH
Youngstown, OH
Ardmore, OK
Midwest City, OK
Moore, OK
Muskogee, OK
Norman, OK
Oklahoma City, OK
Owasso, OK
Stillwater, OK
Tulsa, OK
Beaverton, OR
Bend, OR
Gresham, OR
Happy Valley, OR
Medford, OR
Portland, OR
Salem, OR
Springfield, OR
Tualatin, OR
Altoona, PA
Bensalem, PA
Bethel Park, PA
Camp Hill, PA
Collegeville, PA
Cranberry Township, PA
Dickson City, PA
Downingtown, PA
Easton, PA
Erie, PA
Exton, PA
Fairless Hills, PA
Harrisburg, PA
Homestead, PA
Johnstown, PA
King Of Prussia, PA
Lancaster, PA
Langhorne, PA
Mechanicsburg, PA
Monroeville, PA
Muncy, PA
Munhall, PA
North Wales, PA
Philadelphia, PA
Pittsburgh, PA
Plymouth Meeting, PA
Quakertown, PA
Scranton, PA
Selinsgrove, PA
Springfield, PA
State College, PA
Stowe, PA
Stroudsburg, PA
Tarentum, PA
Whitehall, PA
Wilkes Barre, PA
Willow Grove, PA
Wyomissing, PA
York, PA
Warwick, RI
Anderson, SC
Beaufort, SC
Bluffton, SC
Charleston, SC
Columbia, SC
Florence, SC
Greenville, SC
Lexington, SC
Myrtle Beach, SC
North Charleston, SC
Rock Hill, SC
Spartanburg, SC
Summerville, SC
Rapid City, SD
Sioux Falls, SD
Brentwood, TN
Chattanooga, TN
Clarksville, TN
Farragut, TN
Franklin, TN
Goodlettsville, TN
Hixson, TN
Jackson, TN
Johnson City, TN
Kingsport, TN
Knoxville, TN
Madison, TN
Memphis, TN
Mount Juliet, TN
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Nashville, TN
Abilene, TX
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Houston, TX
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Pearland, TX
Pflugerville, TX
Plano, TX
Port Arthur, TX
Richmond, TX
Rockwall, TX
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Round Rock, TX
San Angelo, TX
San Antonio, TX
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Selma, TX
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Spring, TX
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Temple, TX
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The Woodlands, TX
Tyler, TX
Victoria, TX
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Murray, UT
Orem, UT
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Green Bay, WI
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La Crosse, WI
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North York, Canada
Oakville, Canada
Orangeville, Canada
Orillia, Canada
Orleans, Canada
Oshawa, Canada
Ottawa, Canada
Peterborough, Canada
Pointe-Claire, Canada
Prince Albert, Canada
Prince George, Canada
Québec, Canada
Quebec, Canada
Red Deer, Canada
Regina, Canada
Richmond Hill, Canada
Rimouski, Canada
Rosemère, Canada
Saint-Bruno, Canada
Saint-Jean-Sur-Richelieu, Canada
Saint John, Canada
Saint-Jérôme, Canada
Saint-Laurent, Canada
Sarnia, Canada
Saskatoon, Canada
Sault Ste. Marie, Canada
Scarborough, Canada
Sherbrooke, Canada
St Catharines, Canada
Stoney Creek, Canada
Surrey, Canada
Sydney, Canada
Terrebonne, Canada
Thunder Bay, Canada
Timmins, Canada
Toronto, Canada
Trois-Rivières, Canada
Unionville, Canada
Vancouver, Canada
Vaudreuil-Dorion, Canada
Vernon, Canada
Victoria, Canada
Waterloo, Canada
Westbank, Canada
West Vancouver, Canada
Whitby, Canada
Windsor, Canada
Winnipeg, Canada
Woodbridge, Canada