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Best Buy is piloting paid membership program in 60 markets News 

Best Buy is piloting paid membership program in 60 markets

Best Buy announced a new pilot membership program, called Best Buy Beta, proving customers in select markets benefits including exclusive member pricing, unlimited Geek Squad technical support, up to two years of protection on most product purchases, free standard shipping and delivery, and free installation on most products and appliances. The cost is $199.99 per year or $179.99 per year... Read More
Best Buy reports strong third-quarter results Earnings reports 

Best Buy reports strong third-quarter results

Best Buy Co., Inc. announced third-quarter results showed comparable stores sales were up 23%, compared to the 13-week third quarter ended Nov. 2, 2019. Best Buy’s domestic revenue of $10.85 billion increased 21.0% versus last year., driven by comparable sales growth of 22.6%, which was partially offset by the loss of revenue from permanent store closures in the past year.... Read More
Best Buy furloughs 51,000 employees, updates earnings guidance News 

Best Buy furloughs 51,000 employees, updates earnings guidance

Best Buy Co. Inc. announced business updates related to COVID-19 including, effective April 19, the temporarily furloughing of approximately 51,000 Domestic hourly store employees, including nearly all part-time employees. The company is retaining approximately 82% of its full-time store and field employees on its payroll, including the vast majority of In-Home Advisors and Geek Squad Agents. Furloughed employees will retain... Read More
Industry notes for the week of May 24 Earnings reports People on the Move 

Industry notes for the week of May 24

Rumours and reports Here are some interesting items from around the internet: Shoebox moves its shutdown date from May 22 to May 27. Robbery at The Camera Store in Canada – staff attacked with bear spray Masked men break Crescent Springs photography store owner’s arm, steal high-end cameras, via WCPO Kodak Pension Plan 2 officially enters PPF assessment in largest claim on lifeboat to date,... Read More
Sony to debut triple-lens smartphone in the U.S. on July 12 Press releases Updates 

Sony to debut triple-lens smartphone in the U.S. on July 12

SAN MATEO, Calif.–(BUSINESS WIRE)–Xperia 1, Sony’s latest vision for mobile technology, packs a host of highlight features such as the world’s first 4K OLED display in a smartphonei with 21:9 CinemaWide™ display (6.5”), and the world’s first Eye AF in a smartphoneii with a triple lens camera and up to 10 fps burst shooting with AF/AE tracking for precision focus and exposure. Sony’s... Read More
Best Buy CFO Corie Barry to become new CEO News People on the Move Press releases 

Best Buy CFO Corie Barry to become new CEO

Hubert Joly to become Executive Chairman of the Board of Directors Corie Barry, current CFO and Chief Strategic Transformation Officer, to become new CEO Mike Mohan to become President and COO MINNEAPOLIS –(BUSINESS WIRE)– Best Buy Co., Inc. (NYSE: BBY) today announced that its board of directors has elected Corie Barry, currently the company’s Chief Financial and Strategic Transformation Officer, to become Chief Executive Officer,... Read More
Best Buy reports better-than-expected first-quarter results Earnings reports Press releases 

Best Buy reports better-than-expected first-quarter results

Enterprise Comparable Sales Increased 7.1% GAAP Diluted EPS Increased 20% to $0.72 Non-GAAP Diluted EPS Increased 37% to $0.82 MINNEAPOLIS–(BUSINESS WIRE)–Best Buy Co., Inc. (NYSE: BBY) today announced results for the first quarter ended May 5, 2018 (“Q1 FY19”), as compared to the first quarter ended April 29, 2017 (“Q1 FY18”). The company reported Q1 FY19 GAAP diluted earnings per... Read More
Best Buy updates logo News 

Best Buy updates logo

Leading consumer electronics retailer Best Buy has updated its logo for the first time in three decades, according to Minnesota Star Tribune. The chain’s new marketing focus will be on the staff of Best Buy, rather than price. The new tagline is “Let’s talk about what’s possible.” “We feel our biggest advantage is our people,” and in particular the blue-shirted store... Read More
Best Buy reports better-than-expected fourth-quarter results, will close mobile stores Earnings reports Press releases 

Best Buy reports better-than-expected fourth-quarter results, will close mobile stores

Best Buy reported 9% comparable sales growth in the fourth quarter, bringing the total to 5.6% for the year. The chain also filed an 8K document revealing it will close all remaining 257 Best Buy Mobile standalone stores in the United States by May 31, 2018. The earnings release is reproduced below: Best Buy reports better-than-expected fourth quarter results Enterprise... Read More
Analysis: Are Costco photo lab closures an indicator of a wider trend? News Opinion 

Analysis: Are Costco photo lab closures an indicator of a wider trend?

Mass retailer participation in a category is considered a key indicator of the overall vitality of the category. Mass retailers have access to the best analytics, and make data-driven decisions. When a high-profile retailer decides to change space allocation or even exit a category, it sends ripples across the industry. For example, Best Buy recently announced the cessation of in-store... Read More
Best Buy Reports Third Quarter Results Earnings reports Press releases 

Best Buy Reports Third Quarter Results

Enterprise Comparable Sales Increased 4.4% Diluted EPS of $0.78 Increased 30% Raising FY18 Financial Outlook MINNEAPOLIS–(BUSINESS WIRE)–Best Buy Co., Inc. (NYSE: BBY) today announced results for the third quarter ended October 28, 2017 (“Q3 FY18”), as compared to the third quarter ended October 29, 2016 (“Q3 FY17”). The company reported diluted earnings per share from continuing operations of $0.78, an... Read More
PhotoSpring Now Available Through the Best Buy Ignite Program Showcasing the Latest Tech Products from Startups Press releases 

PhotoSpring Now Available Through the Best Buy Ignite Program Showcasing the Latest Tech Products from Startups

Trusted Retailer Highlights Wi-Fi Enabled Photo and Video Digital Frame LOS ANGELES, Oct. 3, 2017 /PRNewswire/ — PhotoSpring Inc., the completely automated digital frame and album for photos and videos, today announced that its product is available through Best Buy’s Ignite program. Best Buy Ignite makes it easier and quicker for customers to purchase the latest tech products from startups and... Read More
Shutterfly earnings report reveals overall printing market trends and challenges Earnings reports Opinion 

Shutterfly earnings report reveals overall printing market trends and challenges

Yesterday, photo-printing industry leader Shutterfly Inc. released its first quarter earnings, which revealed once again the on-going struggles of making a year-round business out the typically seasonal photo-printing business. Shutterfly has invested millions in photo-printing plants with national reach, and then watch much of the equipment sit idle until the fourth quarter. The challenges faced by Shutterfly, however, are also mirrored... Read More