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Best Buy Co Inc BBY Stock Quote

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Morningstar‘s Stock Analysis BBY

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Is it the right time to buy or sell?

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Consumer Health Concerns Linger for Best Buy, Though Brand Looks Stronger Now Than Precoronavirus

Sean Dunlop Equity Analyst

Business Strategy and Outlook

| Sean Dunlop |

We believe Best Buy is taking adequate steps to shore up its competitive position in an intensely competitive consumer electronics space. As the industry emerges from the shadow of the coronavirus (and steps into the quagmire of elevated inflation and softening consumer spending), it has become clear that how people shop has permanently changed—with customers demanding seamless omnichannel access to favorite brands, quick fulfillment across channels, and tech solutions to more problems than ever before. As a result, Best Buy's strategic positioning continues to resonate, with the firm leveraging its physical footprint for fulfillment and post-sale services, emphasizing its differentiated service offering, and experimenting with newer store formats, as the "one size fits all" retail model across trade areas appears antiquated.

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Company Profile BBY

Business Description

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

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

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