Best Buy Business Strategy
Assignment: Best Buy Business Strategy
Introduction and Background
Overview of Company Best Buy stores offer a wide variety of consumer electronics, home office products, entertainment products, appliances and related services. These include, Best Buy Mobile which offers a wide selection of mobile phones, accessories and related services. Geek Squad provides residential and commercial computer repair, support and installation services. Magnolia Audio Video Stores offer high-end audio, video products and related services. Naspstar is an online provider of digital music. Pacific stores offer high end home improvement products including appliances, consumer electronics and related services.
Best Buy International segment is located throughout nine European countries including Canada, China, and Mexico. Their international segment was first established in the fiscal year 2002 in connection with the acquisition of Future Shop Ltd and Canadian’s largest consumer electronics retailer. Best Buy currently has approximately 180,000 employees worldwide.
The company preliminary recorded revenue of U.S $50.270 billion during the fiscal year ended February 26, 2011, a marginal increase of $578,000 million or 1.2 percent over 2010. According to Best Buy Co, Inc annual report of 2011, it was reported that his increase in sales was driven primarily by the net addition on of 147 new stores during the fiscal year 2011 coupled with the favorable impact of foreign currency exchange rate fluctuation. The operating profit during the fiscal year end of 2011 was reported at $2.078 billion, a decrease of $117 million over 2010.The net income during the period 2011 was reported at $1. 28 billion, a 3.04% decrease from 2010.
Total assets for the fiscal year end February 2011, stood at $17.8 billion compared to $18.3 billion in the previous year. Total equity stood at $7.2 billion for the fiscal year February 2011 compared to $6.9 billion in February 2010.
History of Best Buy Co.
Introduction and Background
Overview of Company Best Buy stores offer a wide variety of consumer electronics, home office products, entertainment products, appliances and related services. These include, Best Buy Mobile which offers a wide selection of mobile phones, accessories and related services. Geek Squad provides residential and commercial computer repair, support and installation services. Magnolia Audio Video Stores offer high-end audio, video products and related services. Naspstar is an online provider of digital music. Pacific stores offer high end home improvement products including appliances, consumer electronics and related services.
Best Buy International segment is located throughout nine European countries including Canada, China, and Mexico. Their international segment was first established in the fiscal year 2002 in connection with the acquisition of Future Shop Ltd and Canadian’s largest consumer electronics retailer. Best Buy currently has approximately 180,000 employees worldwide.
The company preliminary recorded revenue of U.S $50.270 billion during the fiscal year ended February 26, 2011, a marginal increase of $578,000 million or 1.2 percent over 2010. According to Best Buy Co, Inc annual report of 2011, it was reported that his increase in sales was driven primarily by the net addition on of 147 new stores during the fiscal year 2011 coupled with the favorable impact of foreign currency exchange rate fluctuation. The operating profit during the fiscal year end of 2011 was reported at $2.078 billion, a decrease of $117 million over 2010.The net income during the period 2011 was reported at $1. 28 billion, a 3.04% decrease from 2010.
Total assets for the fiscal year end February 2011, stood at $17.8 billion compared to $18.3 billion in the previous year. Total equity stood at $7.2 billion for the fiscal year February 2011 compared to $6.9 billion in February 2010.
History of Best Buy Co.