Best Buy (BBY) is an American multinational consumer electronics corporation headquartered in Richfield, Minnesota, a Minneapolis suburb. It operates in the United States, Mexico, and Canada. All Best Buy Stores in China were closed in February 2011 and merged with Five Star. The company was founded by Richard M. Schulze and Gary Smoliak in 1966 as an audio specialty store. In 1983, it was renamed and rebranded with more emphasis placed on consumer electronics. Best Buy's subsidiaries include Geek Squad, Magnolia Audio Video, Pacific Sales, and Cowboom. Best Buy operates under the Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Insignia and Pacific Sales brands in the United States; the Best Buy, Geek Squad and Best Buy Mobile brands in Canada; Best Buy Mobile and Five Star in China; and Best Buy, Best Buy Express, and Geek Squad in Mexico. Best Buy sells cellular phones with phones from Verizon Wireless, AT&T Mobility, Sprint Corporation, Boost Mobile and T-Mobile US, in regular stores and standalone Best Buy Mobile stores in shopping malls. Best Buy was named "Company of the Year" by Forbes magazine in 2004, "Specialty Retailer of the Decade" by Discount Store News in 2001, ranked in the Top 10 of "America's Most Generous Corporations" by Forbes in 2005 (based on 2004 giving), and made Fortune magazine's List of Most Admired Companies in 2006. Hubert Joly serves as Best Buy chairman and CEO.
Reported before open today (5/24/16) Earnings: EPS $0.44 Revenue $8.443B Estimates: EPS $0.35 Revenue $8.330B Down 7.43% today
Best Buy offers weak profit view, says CFO stepping down Best Buy Co. on Tuesday offered a disappointing profit outlook for the current quarter, weighed in part by a recent earthquake in Japan that hurt the availability of some highly profitable products. Read full article here: http://www.msn.com/en-us/money/comp...profit-view-says-cfo-stepping-down/ar-BBtpcuX
RICHFIELD, Minn. (AP) — Best Buy's profit jumped 21 percent as the electronic retailer revved up online revenue during the second quarter at the same time that it cut costs. Shares soared 16 percent to $37.99 before the stock market opened Tuesday. As online sales rose, so too did revenue at established stores, an important measure of a retailer's health. Comparable store sales rose 0.8 percent when Wall Street, according to a survey by FactSet, had expected a decline of 0.4 percent.
