Best Buy Co Inc. Files 2024 Annual Report on Form 10-K

TL;DR

<b>Best Buy Co Inc. has submitted its 2024 Form 10-K detailing its fiscal year performance and financial standing.</b>

AI Summary

BEST BUY CO INC (BBY) filed a Annual Report (10-K) with the SEC on March 15, 2024. Best Buy Co Inc. filed its annual report on Form 10-K for the fiscal year ended February 3, 2024. The filing covers the period from February 4, 2023, to February 3, 2024. The company's principal executive offices are located at 7601 Penn Ave South, Richfield, MN 55423. Best Buy Co Inc. is classified under the SIC code 5731 for Retail - Radio TV & Consumer Electronics Stores. The filing includes references to various accounting standards and specific financial elements like Interest Expense and Long-Term Debt.

Why It Matters

For investors and stakeholders tracking BEST BUY CO INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Best Buy's financial health, operational strategies, and risk factors for the fiscal year 2023-2024, crucial for investors assessing the company's trajectory. The detailed financial data and disclosures within the report are essential for understanding Best Buy's market position, competitive landscape, and potential future performance in the consumer electronics retail sector.

Risk Assessment

Risk Level: medium — BEST BUY CO INC shows moderate risk based on this filing. The company operates in the highly competitive consumer electronics retail sector, facing risks from economic downturns, changing consumer preferences, and intense competition from online and brick-and-mortar retailers, as indicated by the nature of its business and industry.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Best Buy's ability to navigate market challenges and maintain profitability.

Key Numbers

• 2024-02-03 — Fiscal Year End (Conformed Period of Report)
• 2024-03-15 — Filing Date (Filed as of Date)
• 107 — Public Document Count (Document Count)
• 001-09595 — SEC File Number (SEC File Number)

Key Players & Entities

• BEST BUY CO INC (company) — Filer name
• 0000764478 (company) — Central Index Key
• 5731 (company) — Standard Industrial Classification
• MN (company) — State of Incorporation
• 7601 PENN AVE SOUTH (company) — Business Address Street 1
• RICHFIELD (company) — Business Address City
• 55423 (company) — Business Address Zip
• 6122911000 (company) — Business Phone

FAQ

Risk Factors

• Market Risks [high — market]: The company faces risks related to economic conditions, consumer spending, and competition in the consumer electronics market.
• Operational Risks [medium — operational]: Risks associated with supply chain disruptions, inventory management, and the ability to adapt to technological changes.
• Financial Risks [medium — financial]: Potential impacts from interest rate fluctuations, credit market conditions, and foreign currency exchange rates.
• Regulatory Risks [low — regulatory]: Compliance with various laws and regulations, including those related to data privacy and environmental standards.

Key Dates

• 2024-02-03: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-15: Filing Date — Date the 10-K was officially filed with the SEC.

Key Financial Figures

• $0.10 — nge on which registered Common Stock, $0.10 par value per share BBY New York St
• $82.90 — , computed by reference to the price of $82.90 per share, the price at which the commo
• $2,500 — uations an opportunity to receive up to $2,500 in financial assistance; Mental healt

Filing Documents

• bby-20240203x10k.htm (10-K) — 6961KB
• bby-20240203xex4_6.htm (EX-4.6) — 23KB
• bby-20240203xex21_1.htm (EX-21.1) — 60KB
• bby-20240203xex23_1.htm (EX-23.1) — 4KB
• bby-20240203xex31_1.htm (EX-31.1) — 18KB
• bby-20240203xex31_2.htm (EX-31.2) — 18KB
• bby-20240203xex32_1.htm (EX-32.1) — 9KB
• bby-20240203xex32_2.htm (EX-32.2) — 9KB
• bby-20240203xex97_1.htm (EX-97.1) — 81KB
• bby-20240203x10kg001.jpg (GRAPHIC) — 3KB
• bby-20240203x10kg002.jpg (GRAPHIC) — 26KB
• 0000764478-24-000010.txt (&nbsp;) — 23998KB
• bby-20240203.xsd (EX-101.SCH) — 67KB
• bby-20240203_cal.xml (EX-101.CAL) — 91KB
• bby-20240203_def.xml (EX-101.DEF) — 305KB
• bby-20240203_lab.xml (EX-101.LAB) — 736KB
• bby-20240203_pre.xml (EX-101.PRE) — 579KB
• bby-20240203x10k_htm.xml (XML) — 6080KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 23 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 34 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 35 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 64 Item 9A.

Controls and Procedures

Controls and Procedures. 64 Item 9B. Other Information. 64 Item 9C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . 65 PART III 65 Item 10. Directors, Executive Officers and Corporate Governance. 65 Item 11.

Executive Compensation

Executive Compensation. 65 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 65 Item 13. Certain Relationships and Related Transactions, and Director Independence. 65 Item 14. Principal Accountant Fees and Services. 65 PART IV 65 Item 15. Exhibit and Financial Statement Schedules. 65 Item 16. Form 10-K Summary. 67 Signatures . 68 3 PART I

Business

Item 1. Business. Unless the context otherwise requires, the terms "we," "us" and "our" in this Annual Report on Form 10-K refer to Best Buy Co., Inc. and, as applicable, its consolidated subsidiaries. Any references to our website addresses do not constitute incorporation by reference of the information contained on the websites. Description of Business We were incorporated in the state of Minnesota in 1966. We are driven by our purpose to enrich lives through technology and our vision to personalize and humanize technology solutions for every stage of life. We accomplish this by leveraging our unique combination of tech expertise and a human touch to meet our customers' everyday needs, whether they come to us online, visit our stores or invite us into their homes. We have operations in the U.S. and Canada. Segments and Geographic Areas We have two reportable segments: Domestic and International. The Domestic segment is comprised of our operations in all states, districts and territories of the U.S. and our Best Buy Health business, and includes the brand names Best Buy, Best Buy Ads, Best Buy Business, Best Buy Health, CST, Current Health, Geek Squad, Lively, Magnolia, Pacific Kitchen and Home, TechLiquidators and Yardbird; and the domain names bestbuy.com, currenthealth.com, lively.com, techliquidators.com and yardbird.com. Our International segment is comprised of all operations in Canada under the brand names Best Buy, Best Buy Mobile and Geek Squad and the domain name bestbuy.ca. Operations Our Domestic and International segments are managed by leadership teams responsible for all areas of the business. Both segments operate an omnichannel platform that allows customers to come to us online, visit our stores or invite us into their homes. Development of merchandise and service offerings, pricing and promotions, procurement and supply chain, online and mobile application operations, marketing and advertising and labor deployment across all chann

Risk Factors

Item 1A. Risk Factors. Described below are certain risks we believe apply to our business and the industry in which we operate. The risks are categorized using the following headings: external, strategic, operational, regulatory and legal, and financial and market. Each of the following risk factors should be carefully considered in conjunction with other information provided in this Annual Report on Form 10-K and in our other public disclosures. The risks described below highlight potential events, trends or other circumstances that could adversely affect our business, financial condition, results of operations, cash flows, liquid

View Full Filing

View this 10-K filing on SEC EDGAR